Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

Goldman Sachs’ return-to-office order “means more layoffs”

Published

on

Goldman Sachs CEO David Solomon’s recent directive for employees to return to the office five days a week has sparked speculation and concerns about potential layoffs within the company.

Before the official announcement of the “gentle reminder” about the five-day office requirement earlier this week, some Goldman bankers were already planning to increase their in-office presence following Labor Day. This proactive move, according to sources, is driven by renewed fears of impending layoffs.

Goldman Sachs had recently carried out a significant round of layoffs in June, resulting in the termination of 250 employees, including 125 managing directors. In January of the same year, Solomon initiated a substantial reduction in workforce, cutting 3,200 jobs, marking the largest reduction since the 2008 financial crisis. This event was ominously referred to as “David’s Demolition Day” by employees.

While Goldman Sachs has not officially announced any further layoffs for the year, recent reports of job cuts at Charles Schwab have triggered concerns that the trend could spread to other financial institutions.

Employees, anticipating potential layoffs, are now expected to return to the office in larger numbers. This anticipated increase in in-office attendance is driven by a sense of job security uncertainty.

Year-end bonuses

However, should layoffs not materialise, another concern looms in the form of potentially disappointing year-end bonuses. This apprehension is connected to a decline in dealmaking activity, particularly in the realm of initial public offerings (IPOs).

Despite the market’s overall optimism, IPO activity has not picked up significantly following Cava’s successful IPO. The hope had been that Cava’s success would encourage other companies to follow suit, potentially sparking a new bull market.

While some bankers are eagerly awaiting the progress of deals, others view the current summer lull as expected and argue that it is premature to draw any definitive conclusions.

Kristi Marvin, founder and CEO of SPACinsider, has noted that the most promising companies for IPOs might not be the first to go public. Additionally, she pointed out that company valuations have suffered since 2021.

The prevailing hope is that the market will regain stability, and volatility will decrease in the coming months, particularly by September, which many believe will be a better indicator of increased activity.

Meanwhile, some employees who have been working in the office five or even six days a week throughout the summer have expressed confusion and frustration over the disparity in leniency granted to their colleagues.

Continue Reading

Money

Tesla shareholders approve historic $56B Elon Musk pay package

Published

on

Tesla shareholders have voted to approve Elon Musk’s unprecedented $56 billion compensation package, underscoring their confidence in his leadership and vision for the electric car company.

The package, which is tied to ambitious performance targets, includes a mix of stock options and bonuses contingent upon Tesla’s financial and operational milestones over the next decade.

As reported by Reuters, the approval underscores the support that Musk enjoys from Tesla’s retail investor base, many of whom are vocal fans of the mercurial billionaire.

The proposal passed despite opposition from some large institutional investors and proxy firms.

#featured

Continue Reading

Money

Rich listers secret’s: how billionaires build their wealth

Published

on

Australian billionaires, including Gina Rinehart, have built their wealth by investing in valuable, income-generating assets.

For the average person looking to build their wealth, one possible option could be to buy quality assets like stocks when the market dips.

Mark Wyld from MW Wealth joins to discuss. #featured #trending #wyld money

Continue Reading

Money

Buyer’s agent unveils key to building wealth through property

Published

on

Unveiling the strategies for game-changing wealth building through property.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Buyers Agent, Jack Henderson from Henderson Advocates. #trending #wyld money

Continue Reading

Trending Now