COMP NEWS – Goldman Sachs is planning to drive away about 800 employees by means of handing out bonuses – extremely paltry ones, “so skimpy that disguised recipients will pack up and leave,” according to unnamed sources.
After cutting more than 3,000 jobs on Wednesday, Goldman Sachs is planning to oust about 800 more employees in a less direct fashion, company insiders say.
Another round of employees is expected to quit in the coming weeks after Goldman Sachs issues annual bonuses, according to sources close to the company who spoke to the New York Post. The forthcoming bonuses are expected to be “so skimpy that disgusted recipients will pack up and leave,” the sources told the Post.
“The expectation is people will quit the following week,” a source told the Post.
The move would encourage already dejected employees to leave the company without having to be fired by higher ups, part of an existing Wall Street strategy to nudge out staffers previously referred to as “firing by process,” a term coined by media mogul Barry Diller.
The move, sometimes referred to as “firing by process,” is a strategy employed by companies who wish to nudge out employees without outright firing them. Goldman Sachs reportedly plans to induce employees to exit of their own volition with bad bonuses and lack of support to dejected staff.
The move would encourage already dejected employees to leave the company without having to be fired by higher ups, part of an existing Wall Street strategy to nudge out staffers previously referred to as “firing by process,” a term coined by media mogul Barry Diller.
One Goldman employee described morale in the office as “super low” and claimed their co-workers are “very depressed,” according to the New York Post report. The company’s recent layoffs are part of a cost-cutting effort that impacted 3,200 positions in New York, Dallas, Chicago, Salt Lake City, and London.
Some workers were reportedly asked to attend business meetings during which they were fired and, in some cases, given only 30 minutes to leave, according to the New York Post.
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