Goldman Sachs laying off 125 managing directors worldwide

Goldman Sachs has started slashing managing director roles across the company as the investment bank moves to reduce costs, sources have told Bloomberg.

These terminations will be part of a round of layoffs that will ultimately affect 250 employees at every level, a company spokesperson told the New York Post.

The cuts come as deal values at Goldman Sachs have dropped over 40% to $1.2 trillion so far in 2023.

Goldman Sachs has engaged in two previous rounds of layoffs since September 2022.

Termination agreements for Goldman Sachs employees

In Canada, non-unionized employees and senior executives working at Goldman Sachs are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance can be as much as 24 months’ pay, depending on a number of factors.

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WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper compensation if it falls short of what you are actually owed.

If you aren’t given the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

In some cases, employers pressure staff into accepting poor severance packages, such as imposing a deadline for accepting the offer.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue a claim for full severance pay.