Goldman Sachs Removes Free Coffee Perk From Employees As Layoffs Loom

Bankers of the Wall Street firm Goldman Sachs reportedly no longer get free coffee and other pandemic perks as another round of mass layoffs looms.

Goldman Sachs employees who went to grab coffee in the “Sky Lobby” on the 11th floor of the bank’s Manhattan headquarters at 200 West Street Tuesday were greeted by “a sign and a woman yelling at us that it was no longer complimentary,” the New York Post reported, citing an unnamed financier.

The Goldman Sachs employee claimed they “had to go to the checkout counter” before they could leave with their coffee. The financier said they had to pay $2.99 for a “cup of Seattle’s Best.”

“Nothing says ‘Happy New Year’ like ‘You’re already on the verge of losing your jobs — but let’s just make sure you lose your free coffee, too,'” the financier told the New York Post.

“Kick a man while they are down seems to be Goldman’s 2023 mantra,” the source added. “People aren’t jovial from the holiday rest … now they’re pissed about the loss of coffee, too.”

Another employee told the outlet that all the floors inside the headquarters have coffee machines but admitted that these are frequently broken.

Employees also claimed that while some coffee machines still work, the coffee dripping from them “sucks,” according to the outlet.

But Abbey Collins, a spokesperson for Goldman Sachs, insisted to the Post that contrary to bankers’ claims, “there is free coffee available to all employees on every floor – from drip coffee to espresso drinks.”

Goldman Sachs reportedly also ended meal allowance and limited free daily car rides to and from the office to employees who work well into the evening, unnamed sources told the outlet.

The source claimed that Goldman Sachs management believed the threat of getting fired should be more than enough incentive for employees to get back into the office.

Goldman Sachs CEO David Solomon warned of “bumpy times ahead” and revealed plans to lay off another round of employees within “the first half of January” during his traditional year-end message to the staff last week.

“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,” he said in a voice memo sent to employees.

Solomon told staff to “proceed with caution and manage our resources wisely.”

Semafor reported that the investment firm plans to lay off 4,000 “low-performing” staff, accounting for 8% of its total workforce.

In September, unnamed sources told the New York Times Goldman Sachs was looking to reinstate its policy to fire between 1% and 5% of its lowest-performing employees per year.

It came after the bank reported a 48% slump in quarterly profit in July, the Times reported.