Now Serving: Covid Cuts

The headquarters building of Goldman Sachs in seen in this photo, in New York, Wednesday, June 29, 2011. (AP Photo/Richard Drew)

The Covid-19 cuts keep coming as businesses continue to navigate their way through the perils of the pandemic. And the fallout has not been pretty this week for American workers at two marquee companies.

Goldman Sachs joined a growing number of companies making the decision to trim their payroll with a chainsaw, with 400 jobs reportedly about to be eliminated, although at this point they have not announced the move publicly. Goldman Sachs had originally announced plans at the beginning of 2020 to eliminate $1 billion in costs this year, so employees had to be sweating.

The global pandemic put a pause on some of those cuts as Goldman announced plans to refrain from making any layoffs at the onset of the Covid outbreak. It now appears the temporary moratorium on layoffs has been lifted. Pat Scanlan, a spokesman for Goldman Sachs told Newsmax, “At the outbreak of the pandemic, the firm announced that it would suspend any job reductions.” But times have changed, and so did his messaging. “The firm has made a decision to move forward with a modest number of layoffs.”

Goldman is just the latest company that simply can’t continue doing business the same way as in the pre-pandemic era. Disney was far from the happiest place on earth when they announced plans to eliminate 28,000 employees associated with their theme park business, which has been crushed since being forced to close with no inkling from California governor Gavin Newsome as to when they can re-open.

What industry could be next? The sky could be falling on some aspects of the airline industry, with concerns they could be permanently grounding 50,000 jobs unless more federal funding can be secured.

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