Former Goldman Banks Looking for Jobs via LinkedIn
2023.01.12 07:45
Former Goldman Banks Looking for Jobs via LinkedIn
By Kristina Sobol
Budrigannews.com – Goldman Sachs (NYSE:) has recently lost its job. According to sources, workers are using headhunters after losing their jobs in the company’s biggest restructuring since the 2008-2009 financial crisis. A sluggish global economy is expected to make it difficult to find comparable positions.
According to a source with knowledge of the situation, Goldman increased the number of employees it laid off on Wednesday as part of a massive effort to cut costs. About a third of those laid off were employed in the investment banking and global markets divisions.
As global banks prepare for a recession, the Wall Street titan’s rivals have also begun job cuts. If deal-making activity remains weak, broader and deeper cuts are anticipated across the industry.
Diverse banks are threatening to lay off at least 5,000 employees. In addition to Goldman Sachs’ approximately 3,200 employees, Morgan Stanley (NYSE:) HSBC is shedding at least 200 jobs, according to sources who have previously told Reuters, while has cut about 2% of its workforce, or 1,600 jobs, according to a source who is familiar with the situation.
The long-awaited layoffs at Goldman Sachs come after the bank hired more than 49,000 people during the pandemic.
However, in the wake of the Ukraine war, spiraling inflation and rising geopolitical tensions have resulted in a sharp decline in some essential investment banking activities, requiring cost-conscious bank executives to prepare for leaner times.
Arnaldo Oliveira, founder and CEO of recruitment firm Orion Executive Search International, told Reuters, “The series of downsizing at banks have pushed out hundreds of bankers and created even more competition in the local job market.”
“It’s safe to say that everyone at banks is nervous. “In the last few days, bankers at the level of managing director have been let go,” he stated.
According to a headhunting source with knowledge of the situation, some of Goldman’s affected employees are contacting executive search firms and investment banking recruitment specialists, while others are looking for opportunities on LinkedIn, an online professional networking platform.
On LinkedIn, investment banking compliance officer Seth Johnson, who is based in Salt Lake City, Utah, wrote: Today’s massive cutback at Goldman Sachs had an impact on my position. I will miss that role in many ways, but I am optimistic about the next chapter.”
The bank stated that it was aware of the difficulties faced by those who were moving on as the news of the cuts affecting Goldman spread throughout the world on Wednesday.
“We are aware that this is a trying time for employees leaving the company. According to a memo that was seen by Reuters and was signed by Tony Fratto, the global head of communication for the bank, “We’re grateful for all our people’s contributions, and we are providing support to ease their transitions.”
The bank did not respond to dozens of LinkedIn posts made by some of its fired employees.
According to Oliveira, some bankers who have contacted recruiters like him are considering switching careers from investment banking to other fields.
He added, “They are even thinking about opportunities outside of banks like M&A Advisory and the Private Equity space.”
Having Goldman Sachs on your resume will “always be helpful,” according to a second London-based investment banking headhunter, but senior bankers are likely to find the job search more difficult.
According to the headhunter, junior and mid-level bankers can switch to buy-side and tech positions. Dealmakers with experience in private equity were also thought to be most in demand, with that sector of the global mergers and acquisitions sector viewed as likely to rise first.
Shilpi Soni, a software engineer based in Dallas who worked for the bank for 19 months, said on LinkedIn, “I come from a rural family so it has been one roller coaster of a journey, overcoming social and financial restrictions to come here.”
Being laid off hurts, knowing where I started. However, I maintain hope that my journey in the United States will not end here.
