The tables have turned in the City as top lenders cut staff and bonus pools.
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This year is off to a sobering start as bankers keep tabs on who is losing their job. Goldman Sachs is terminating about 3,200 people, one of its biggest rounds of cuts ever. The terminations follow workforce reductions late last year by rivals including Morgan Stanley, Barclays and Citigroup, amid fears of a possible downturn.
This week on In the City, hosts David Merritt and Francine Lacqua explore the question of whether this is just the beginning of a broader retrenchment across the financial industry. They’re joined by Bloomberg Opinion columnist Paul J. Davies, who covers banking and finance, and senior editor Tom Metcalf.
Metcalf says the Goldman cuts come in stark contrast with last year, when staffers were getting showered with bigger bonuses and a select few were granted special payouts. But this year, he said, aside from the top few wondering how much they’ll get paid, the rest are focused on whether their jobs are safe.
Davies and Metcalf also discuss what divisions might see the most cuts, where to look for top job security and top pay within banking, and why the next move for some top talent is likely to be hedge funds.
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