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  • Goldman Sachs Layoffs: Watch Out For Wall Street Contagion

    We’ve been here before: where fear, erratic forecasts and CEO options are becoming the business model, as opposed to steadying the company for growth.

    Wall Street is quivering again, due to weak markets and questions about regulation, so most of the firms have started or are planning for layoffs.

    Goldman Sachs, is considering laying off 1000 employees, which is an important symbol, because Goldman is both hated and venerated, reviled, yet obsessed over – maybe the most duplicitous,  but definitely the most powerful – and if Goldman is in trouble – everyone’s in trouble – or at least that’s what their thinking.

    In the Business Insider article, Layoff Carnage Continues On Wall Street, As Goldman Prepares To Make Cuts, Katya Wachtel illustrates the tremors on the street.

    Wachtel states in Layoff Carnage Continues On Wall Street, As Goldman Prepares To Make Cuts, “This week numbers are beginning to come into focus, and even Goldman Sachs won’t be spared….According to the New York Times, “Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs. Even Goldman Sachs, Wall Street’s most profitable firm, is retrenching.”

    We’ve been here before: where fear, erratic forecasts and CEO options are becoming the business model, as opposed to steadying the company for growth. Every quarter can’t be ephemeral gratification for shareholders: sometimes, you have to adjust to prior choices, and run the business well, as opposed to relying on the next few days to meet shareholder appetite.

    I hope the culture will change, so that America can back into the business of innovation and building-up markets and industries, as opposed to just razing them for short-term gain.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals
    calvin.wilson1@verizon.net
    http://twitter.com/Upstart__Nation

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