Employees fear Goldman sacks

Goldman Sachs CEO David Solomon’s plan to reorganize the bank’s corporate structure is raising alarm bells, with junior bankers fearing it could cost them their jobs, sources told The Post.

Earlier this week, reports citing anonymous sources said the Wall Street giant was combining its various business units into three divisions — and that one of them would house both trading and investment banking, the two most prestigious and competitive operations.

Goldman confirmed the plans as it announced quarterly earnings Tuesday, with Solomon telling CNBC that there’s a “good chance” of a recession as the bank mounts its overhaul. The corporate rejiggering also is consolidating the consumer banking businesses, including its struggling Marcus division.

One Goldman employee who spoke on the condition of anonymity told The Post, “It’s just weird finding out about your job or division being merged or changed by reading the news instead of hearing it from the firm leadership or your boss. It begs the question . . . will we all keep our jobs?”

Mike Mayo, banking analyst at Wells Fargo, told The Post, “A new reorganization increases intensity for management and employees to produce . . . this gives wiggle room to cull a few more. They could be deciding which people are redundant.”

In September, Goldman Sachs began laying off workers across the US amid a downturn in dealmaking as the economy slows. Before the pandemic, Goldman annually culled 1% to 5% of underperformers from its workforce every year, but halted the firings as business boomed during the crisis.

Some employees who had been hopeful they’d be safe for a few months are once again on tenterhooks.

“Anytime a company reorganizes itself, it means getting rid of redundancies,” another insider told The Post. “So people are frightened — and rightfully so.”

“Anytime a company reorganizes itself, it means getting rid of redundancies,” a Goldman Sachs insider told The Post of CEO David Solomon’s (below) plans to reconfigure the Wall Street giant. “So people are frightened — and rightfully so.”

‘ It’s just weird finding out about your job or division being merged or changed by reading the news instead of hearing it from the firm leadership or your boss.

— Goldman Sachs employee