How Goldman Sachs laid off 3,000 employees in one day


Laid-off bankers are worried that Goldman Sachs used cold-blooded, underhanded tactics in launching the bloodbath that killed more than 3,000 workers this week, The Post has learned.

Insiders allege that the Wall Street giant, whose Wednesday layoff was dubbed “David’s Takedown Day” after CEO David Solomon, sent out email calendar invitations inviting target employees to fake business “meetings” at its New York headquarters.

But when employees arrived in the conference room — many of them for meetings at 7:30 a.m. on Wednesday — they were greeted by a team leader who told them they were canned, and their manager sternly observed proceedings.

“He got here early for a meeting and they broke the news,” one source said, recounting the sad tale of a colleague who was fired. “An appointment was made on his calendar under false pretenses.”

“The managers regretted doing it, but their hand was forced and they wished him well,” an insider told The Post.

Another source said another employee was asked to arrive at 7:30 a.m. for a call with Goldman colleagues in the Asia-Pacific region and did not request an early meeting because employees in other regions typically have “business hours.”

Laid-off employees were given the option of leaving the office immediately to say goodbye or waiting for their colleagues to arrive. Sources said most of the victims chose to leave the building after the ax wave before 9am – leaving colleagues who entered later confused as to what had happened.

Goldman employees were sent fake calendar invitations before they were fired.
Reuters

Indeed, the cold efficiency of the processes created a more chaotic feel, as many managers were unclear about next steps, including when health insurance would expire or how much furloughed workers would be laid off.

That’s partly because the human resources department was among the departments hardest hit by the shootings and didn’t have the staff to handle meetings properly.

“When he asked questions… they had no details and asked him to confirm his personal mobile and email and that someone would ‘get in touch with him later,'” the source added. “Typical of our human capital management (Goldman Human Resources) … they’re a messy mess of every administrative thing.”

A Goldman spokeswoman denied that the HR cuts affected layoff communications and disputed the idea that the layoffs were a surprise. Solomon has warned over the past few months that layoffs are coming, and the company said they would begin Wednesday.

“We know this is a difficult time for people leaving the firm. We are grateful for the contributions of all our employees and are providing support to ease their transitions,” said Tony Fratto, Head of Global Communications.

Another source noted that Goldman has been more transparent with managing directors and vice presidents — warning them they could be fired in the last few weeks before a final decision is made.

The higher-up Goldmanites didn’t take too kindly to those who were blindsided by being fired after receiving a bogus calendar invite. One employee who has worked in finance for more than a decade told The Post that it’s “pretty standard” to send someone a calendar invitation, buy them one by one, and then fire them.

Goldman
Some at Goldman say calendar invitations are “pretty standard” for firing people.
Reuters

“If someone didn’t see this coming … that’s on them,” the employee added.

Young workers in other industries seemed unaware that Goldman was using a common tactic to fire people.

A crazy employee of the information company Dremio posted on the Blind corporate message board, which confirmed users’ jobs with the help of company email accounts, he was the only one among his colleagues to receive a 15-minute invitation from his manager. meeting

“I’m very worried… What are the chances of getting fired?” the employee asked.

More experienced workers chimed in: “Yes, it’s a layoff. The decision has already been made.”

Another Blind user wrote, “You’re fired. Clean it from your personal laptop. Collect anything you want to keep as contact information for references.”

The Dremio employee has not posted an employment status update since then.



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