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Goldman Sachs in India: 700-800 people working for the company were fired. who has worked at the company since the 2008 financial crisis.
Goldman Sachs
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Goldman Sachs lays off 700 workers: Goldman Sachs has initiated a massive global layoff in the country. Hundreds of people who work for Wall Street giant Goldman Sachs suffered a shock on Wednesday and Thursday. Because the company has started laying off 3,200 people worldwide. Of these, 700-800 people working for the company in India have had their staff cut and fired. That’s since the 2008 financial crisis. Goldman Sachs Co. People familiar with the matter said the layoffs, largely to cut costs due to inflation and rising economic conditions, also affected to many senior employees, including at the vice president level.
We tell you that before the layoffs, the company had around 9,000 employees in India working from offices in Bangalore, Hyderabad and Mumbai. That means the restructuring affected 9% of the country’s employees. According to sources, when talking to those who were fired, they said that those present at the office were called for a quick meeting and informed that they were fired. Then, according to these people, they were kicked out of the building without being allowed to return to their desks. Those who were working from home were called on Zoom and released.
Workers voiced complaints
Employees say that immediately after being told they were fired, they were kicked out of the building and told to go home. People can’t even say goodbye to their colleagues. said a software developer at Goldman’s Bangalore office. Some of those fired said they were hired months ago. An individual who graduated from one of the top technical colleges in the country was hired for a FinTech-related position in November 2021.
He said he was “disappointed” to have lost his first job in two months. For a company that analyzes every global trend in almost every industry, Goldman seemed very short-sighted in hiring me. If you have to fire someone in two months, why hire someone?
There will be more layoffs
One senior executive said the company had to cut off access to corporate systems to lay off employees to protect sensitive data on their computers. The person also said that more people could be shot in India and that shootings could continue until at least mid-January.
When announcing the layoffs earlier this week, Goldman Co. said: We know this is a difficult time for those leaving the company. We are grateful for everyone’s contributions and we are providing support to facilitate their transition. Our focus now is to right-size the company for the opportunities ahead in a challenging macroeconomic environment.
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The company aims to lay off 9,000 positions
A spokesperson for Goldman in India declined to comment on specific incidents involving some people being asked to leave. Goldman’s move follows smaller cuts by Morgan Stanley, Citigroup and Barclays in recent months. Credit Suisse, a bank undergoing restructuring, said it will cut 2,700 jobs in the last three months of 2022 and aims to eliminate a total of 9,000 positions by 2025.
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