Mass Layoffs on Wall Street Continue with Another Round of Cuts at Goldman Sachs
Goldman Sachs is headed for another round of layoffs, following 3,200 job cuts in January, per reports.
This round of layoffs is expected to be smaller, with fewer than 250 jobs cut across senior positions, according to reporting from Reuters and the Wall Street Journal.
“In many cases, the first rounds of layoffs were an opportunity for companies to ‘right-size’ after the chaotic hiring spree and fight for talent of the past two years,” said Nitya Kirat, founder of YOSD Consulting and author of “Winning Virtually — 10 Tiny Habits for Big Virtual Selling Success.”
“Rounds two and three are to meet or get close to quarterly estimates — at the cost of demoralizing the remaining employees, eroding culture, and completely ignoring the increased expense of re-hiring and re-training for many of those positions,” Kirat said.
But in keeping with the old political adage, “never let a good crisis go to waste,” Kirat said there are big opportunities for companies to win their “unfair share” in this environment.
“Most boxing champions made their big moves after their opponent had taken some punches and was feeling weak. There's an opportunity to take market share that might not have been yours,” Kirat said.
For employees, Kirat said 3–6 months of savings and an updated resume are important, but he also advises laid-off workers “take a moment to be grateful.”
“I don't mean to make light of the situation. But this is a rare opportunity to have space to assess your life and create the next phase of it the way you want. I got laid off twice in a year during the financial crisis, and it made me realize I wanted more control of my fate and I started my consulting business,” Kirat said. “I never wanted to be in the situation again where I get told on a Friday afternoon that I don't need to come in the next week.”
Despite layoffs dominating headlines, there are a lot of good companies hiring, Kirat said, “so don't let the news deter you from trying.”