Goldman Sachs Is Continuing Layoffs, Cutting Free Coffee Perks The financial giant delivered another hot cup of bad news.
Goldman Sachs is preparing to cut around 250 jobs in June, per CNBC. It will be the company's third round of layoffs since September.
The Wall Street Journal first reported the news on Tuesday.
In September 2022, the company trimmed hundreds of positions before slashing about 3,000 more in January.
Goldman Sachs is one of several financial companies making changes. Last year, in June 2022, JPMorgan Chase laid off 1,000 employees, followed by hundreds more this month. Morgan Stanley also cut 3,000 jobs in May.
ORIGINAL STORY BELOW:
The New York Post reports that employees of Goldman Sachs have been hit with a double-whammy in 2023 — and the year is barely a few days old.
Just before New Year's Eve, Goldman Sachs CEO David Solomon announced plans for a massive round of layoffs during "the first half of January." As many as 4,000 "low-performing" employees may lose their jobs, according to a report from Semafor.
Even more brutal than that? On Tuesday, employees learned that coffee would no longer be a free perk at the company's Sky Lobby.
One caffeine-loving financial specialist told the Post, "I paid $2.99 this morning for a sh–ty cup of Seattle's Best," adding, "Nothing says 'Happy New Year' like 'You're already on the verge of losing your jobs — but let's just make sure you lose your free coffee, too.'"
We're not here to tell Goldman Sachs how best to run its business, but we can say with certainty that reducing access to coffee isn't exactly the best way to get more out of your employees. Health experts have determined that coffee has a myriad of positive effects on our productivity and overall well-being including improving memory and cognitive function, providing an energy boost, and helping you stay alert and focused.
Sip on that, penny-pinching C-suite execs.