Goldman Sachs has been hit by a wave of defections, and the atmosphere at the financial giant is at "an all-time toxic high right now," The Post has learned.
Scooped by
Richard Platt
onto Internet of Things - Technology focus August 29, 2022 2:56 AM
|
Goldman Sachs has been hit by a wave of defections, and the atmosphere at the financial giant is at “an all-time toxic high right now,” The Post has learned. 6 overworked 1st-year bankers quit and walked out en masse from the bank’s 200 West Street headquarters Wednesday after getting news of their bonuses. Their departures have been followed by others in the same division — as everyone from CEO David Solomon on down — constantly stresses the need to “perform, perform, perform,”. “People are on a whole new level of edge … given the economic climate,” While bonuses on Wall Street hit record highs in 2021 but then Goldman Sachs and JPMorgan grappled with a dire lack of bankers amid a surge in dealmaking, so compensation has trailed off this year. The stingy payouts come as Wall Street faces a sharp drop off in the flow of big corporate deals including IPOs and leveraged financing, sparking renewed fears that layoffs are looming in the months ahead. Sources said the environment at the company as employees to “perform, perform, perform.” These Insiders predict the mass exodus is expected to continue as Goldmanites reach a breaking point.perform or be cut.” Under David Solomon, Goldman Sachs has reached a whole new level of toxic. The six first-year bankers and one second-year banker were members of the healthcare desk and left after being run-into the ground and “treated terribly” by higher-ups, sources told The Post. According to a recent survey 3/4's of Wall Street’s junior bankers want to quit their jobs: 1st years learned that the bonuses of the class above them — who had disclosed to Goldman they would leave after completing their 2nd year — were substantially lower than expected.