workers are tapping headhunters after losing their jobs in its biggest restructuring since the 2008-9 financial crisis, with a sluggish global economy set to make finding comparable roles a challenge, sources said.
At least 5,000 people are at risk of layoffs from various banks. In addition to the around 3,200 from Goldman, Morgan Stanleyhas cut about 2 per cent of its work force, or 1,600 jobs, a source familiar with the matter said last month, while HSBC is shedding at least 200, sources previously told Reuters.
“The series of downsizing at banks have pushed out hundreds of bankers and created even more competition in the local job market,” Arnaldo Oliveira, founder and chief executive of recruitment firm Orion Executive Search International told Reuters. Seth Johnson, an investment banking compliance officer based in Salt Lake City, UT, wrote on LinkedIn: “My role was among those impacted by Goldman Sachs’ large scale reduction today. There are a lot of things I will miss about that role, but I’m optimistic about the next chapter.”As news of the cuts impacting Goldman rippled across the world on Wednesday, the bank said it recognized the challenges for those moving on.
A second London-based investment banking headhunter said having the Goldman Sachs brand on your CV will “always be helpful” but senior bankers were likely to find the job hunt more of a challenge.