Is Goldman Sachs Finally Dying?

Published by

Clarissa

June 6, 2012

Goldman Sachs laid off about 50 people last week, according to people briefed on the matter but not authorized to speak on the record. The cutbacks have rattled some people in the firm, in part because a number of the employees were managing directors and on the higher end of Goldman’s pay scale. Managing directors make a base of $500,000 and receive an annual bonus that can climb into the millions of dollars.

Last week’s layoffs are seen as a sign that Goldman is looking further up the food chain for additional cuts after already slashing 8.5 percent of its work force, or 3,000 people, in the last year. In addition it has cut more than $1.4 billion in noncompensation expenses from its operations over the last year or so.

I will dance in the streets if this vile excuse for a company that only exists thanks to its capacity to squeeze money out of the Treasury goes out of existence.

My old posts about Lloyd Blankfein (here, here and here), the company’s CEO, had quite a few readers from within Goldman Sachs (I operated on the Blogger platform then and could see where exactly each visitor came from). I was a new blogger back then, so I was almost as excited to get those visits as the ones from the FBI and the US House of Representatives. Now I blog with WordPress, so I have no idea where some of my more unusual visitors come from.

Rate this:

4 responses to “Is Goldman Sachs Finally Dying?”

N G

June 6, 2012

Sorry Clarissa but there’s another reason. The company has hired over a thousand new employees in Singapore and increased their staff in Brazil by twenty percent. The outsourced staff are on salary rather than salary plus major bonuses as in the States as well as doing the same job for much less money. The offices are also physically outside the regulatory regime in America so they can get up to stuff without worrying about the feds coming in and discovering stuff that might be uncomfortable (read illegal).

LikeLike

Reply
1. bloggerclarissa
  
  June 6, 2012
  
  OK, here you and to go and burst my bubble. Shit.
  
  I’m very grateful for the information, of course. But I so wanted to believe the best.
  
  LikeLike
  
  Reply
el

June 6, 2012

I just read about Ray Bradbury’s death. 😦
His grandson, Danny Karapetian, shared these words with io9 about his grandfather’s passing:
http://io9.com/5916175/rip-ray-bradbury-author-of-fahrenheit-451-and-the-martian-chronicles

LikeLike

Reply
1. bloggerclarissa
  
  June 6, 2012
  
  I’m very very sad that he has died.
  
  But I can’t get rid of a sneaky question: Will his books now finally become available on Kindle? Bradbury refused to make them available electronically as long as he lived. How disappointing that a science fiction writer would become so anti-science in his declining years!
  
  LikeLike
  
  Reply

Clarissa's Blog