Big companies such as Amazon and Google have recently announced layoffs. In Wall Street, getting cut is always acknowledged as an ever-lurking prospect – but it still stings when it happen.
Emma Alexander was recently laid off from Goldman Sachs, along with over 3,000 other employees. Although the layoffs were unusually large this year, they are an ever-lurking prospect for people who work in finance.Emma Alexander was recently laid off from Goldman Sachs, along with over 3,000 other employees. Although the layoffs were unusually large this year, they are an ever-lurking prospect for people who work in finance.
Alexander says she took the first job she could get after graduating in 2020, just when the pandemic was starting to spread. But she grew to love finance's fast-paced and competitive culture.Few sectors are more prone to layoffs than finance, where a bad year in the markets — or a lousy performance review — can mean you are out of a job.
The performance of financial firms is linked heavily to how markets perform, as is the fate of its staff. It's a reality on Wall Street that can be frustrating when it comes to layoffs. In Wall Street, they are are notoriously exhaustive and consequential. Not only are these assessments used to determine the size of your bonus, but also, whether you will keep your job.Every year, bankers are evaluated by their peers, bosses, and subordinates. The firm measures how much money they brought in, and how well they worked with their teammates.
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