Firing 125 managing directors
According to a report by Bloomberg, Goldman Sachs is planning to fire 125 managing directors including some in the investment banking sector across the globe. The report mentions that the bankers received calendar invites for the meeting via email. However, upon their arrival at 7:30 am, they were met by the head of the team who delivered the unfortunate news of their termination, with their manager present as an observer during the proceedings.
After being laid off, the employees were presented with the option to either depart from the office immediately or stay until their colleagues arrived, allowing them to bid farewell. As a significant number of layoffs occurred prior to 9 am, many opted to leave promptly. This sequence of events caused confusion among the remaining employees when their affected colleagues did not appear as expected, leaving them uncertain about the situation, as reported by the publication.
KPMG to cut 5% jobs in US
Meanwhile, KPMG is also laying off 5% of its workforce in the US. The latest round of job cuts would take place through the rest of its 2023 financial year. This is not the first time that the company has decided to layoff employees in the US. In February this year, the company fired 2% of its workforce in the region. “We do not take this decision lightly. However, we believe it is in the best long-term interest of our firm and will position us for continued success into the future,” KPMG said in an emailed statement.
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