Goldman Sachs revived its practice of terminating its low performers in mass layoffs last week, after suspending the practice during the pandemic.
The new round of cuts come after a 41% year-over-year decline in revenue for the Wall Street investment bank was revealed in July. Last year around this time, the company was hiking salaries and bonuses to attract talent.
The cuts came at all levels and in all divisions, with layoffs in the technology, media, and telecommunications team, operating out of New York and San Francisco, including Matt Gibson, a global co-head of the division, and Barry O’Brien, co-chief operating officer, according to Business Insider.
The consumer retail, industrial, and healthcare divisions are also facing cuts.