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Goldman Denies Bonuses To 100 Investment Bankers

Tuesday, February 14, 2017 16:08
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(Before It's News)

zerohedge.com / by Tyler Durden / Feb 14, 2017 1:36 PM

As discussed yesterday, over the course of the past 17 years, Goldman trimmed its cash equity trading desk from 600 workers to just 2, replacing virtually all carbon-based traders with automated programs, engineers and algos. But while the gradual replacement of expensive traders with cheap machines is nothing new, Goldman CFO Marty Chavez opened a whole new can of worms when during a presentation at Harvard conference last month, he said “next, will be the automation of investment banking tasks, work that traditionally has been focused on human skills like salesmanship and building relationships. Though those “rainmakers” won’t be replaced entirely, Goldman has already mapped 146 distinct steps taken in any initial public offering of stock, and many are “begging to be automated,” he said.”

It now appears that this far more troubling outsourcing may have started when Bloomberg reported that Goldman Sachs didn’t pay 2016 bonuses to about 100 “plain vanilla” investment bankers who advise on takeovers and underwrite securities offerings, “signaling to a bigger crowd of underperformers that they’re probably better off elsewhere.”

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Source: http://silveristhenew.com/2017/02/14/goldman-denies-bonuses-to-100-investment-bankers/

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