“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.”
Ok, so 5% is definitely not a small number to ax, but Goldman’s firing process really doesn’t sound that bad.
Citi, on the other hand, is not so nice when it fires employees.
A source from Citi explained a similar situation to Goldman’s current policy where the managing director, an HR rep and security guard bring the employee in for a private meeting to deliver the news. However, the employee must return his or her ID and they are immediately deleted from the bank’s system and escorted out of building.
Of course, the difference might merely be a layoff vs a firing.