Getting laid off is never fun. But if it has to happen, according to fins.com, one of the best places to do it on Wall Street is at Goldman Sachs. The firm has a surprisingly humane firing policy when it comes to its annual culling of underperforming employees, two sources familiar with the matter say.
According to a source within the bank, when Goldman sheds those in its bottom 5%, the firm pulls him or her aside in a private meeting, reveals the news and then gives the employee three or four months in which to find a new job. During that period, that person will remain at the bank and their status won't be revealed to anyone until they've found a new job.
"The firm doesn't announce anything initially," the source at the bank said. "It starts to become evident when the person isn't working until 4 in the morning and isn't staffed on a high-profile team, because the team needs someone who's going to be there."
In November 2008, during the financial crisis, this approach was discarded and some employees would be fired on the spot, the source at the bank said. But since then the custom has been restored…
Find out more at http://www.fins.com/Finance/Articles/SBB0001424053111904888304576474523229417588/At-Goldman-You-re-Fired-Gently
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