Goldman "Sacks" 1,300 in "Annual Talent Review"/"Culling"

[IsambardPrince]

Goldman "Sacks" 1,300 in "Annual Talent Review"

The headline says a few hundred, then deep in the article, it's actually 1,300.

https://fortune.com/2024/08/30/goldman-sachs-layoffs-low-performers/

This one calls it a "culling".

Well, that got dark. Talent contest...culling....

Comparing humans to a slaughter of food animals, blaming them all for losing their job.

Layoffs used to be seen as a failure of management, but that never happens anymore.

https://www.kcrg.com/2024/08/30/hundreds-laid-off-friday-eastern-iowa-john-deere-plants/

Not banking, but I couldn't resist this one. John Deere made major layoffs.

"Deere says its sales have dropped 20 percent and cuts are required across the company."

John Deere now puts remote killswitches in tractors. The software makes it possible for John Deere to do whatever it wants to the customer later, because it's proprietary software. I've long been a John Deere de-tractor. 

Maybe the farmers who want to keep their tractors going should figure out how the Russians got theirs working again.

[CreditCuriosity]

Company I work for is about to do another RIF due to interest rates and outstanding loans that can't be refinanced and are coming due soon.  Going to see a lot more of it as interest rates persist.  Was cheap for companies to borrow money when near 0% interest but not so cheap paying those loans back when come due with current environment and rates.   Hopefully I am not directly impacted in the next few weeks but will certainly be indirectly impacted as do more with less type of thing if not hit in the next round as managed to dodge the bullets so far.  Unemployment as a whole is going to go up a lot this year and next partially due to this.  With that said thankfully I am in a Field if I do get hit jobs are still fairly in desire in my career choice just with a different company.

[coldfusion]

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@CreditCuriosity wrote:

Company I work for is about to do another RIF due to interest rates and outstanding loans that can't be refinanced and are coming due soon.  Going to see a lot more of it as interest rates persist.  Was cheap for companies to borrow money when near 0% interest but not so cheap paying those loans back when come due if current environment and rates.   Hopefully I am not directly impacted in the next few weeks but will certainly be indirectly impacted as do more with less type of thing if not hit in the next round as managed to dodge the bullets so far.  Unemployment as a whole is going to go up a lot this year and next partially due to this.  With that said thankfully I am in a Field if II do get hit jobs are still fairly in desire.

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Good luck - hope that if you do move on you get to do it on your own timetable and not that of some beancounter.

[CreditCuriosity]

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@coldfusion wrote:

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@CreditCuriosity wrote:

Company I work for is about to do another RIF due to interest rates and outstanding loans that can't be refinanced and are coming due soon.  Going to see a lot more of it as interest rates persist.  Was cheap for companies to borrow money when near 0% interest but not so cheap paying those loans back when come due if current environment and rates.   Hopefully I am not directly impacted in the next few weeks but will certainly be indirectly impacted as do more with less type of thing if not hit in the next round as managed to dodge the bullets so far.  Unemployment as a whole is going to go up a lot this year and next partially due to this.  With that said thankfully I am in a Field if II do get hit jobs are still fairly in desire.

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Good luck - hope that if you do move on you get to do it on your own timetable and not that of some beancounter.

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Thanks.  Saying the best time to look is when you don't need a job and usually take that advise rather than on companies time table with that said company I work for if I was to be hit by a RIF pays out pretty good although whomever impacted loses access but still considered an employee for many months and paid bonuses, keeps health insurance for quite some time.  See what lies in the cards but it is awful for morale of the company as a whole knowing people hit is previous ones and knowing another one is coming but when that shoe will drop and upon who and when will the pain will end before it starts to get better again.

[Windchill92]

Big Tech has quarterly layoffs...even for their devs + software engineers, but maybe not as substantial as this.

Can't say I'm surprised.