Firms, including Goldman Sachs (GS, Fortune 500) and Credit Suisse, have begun a series of quiet layoffs in which employees were told in August that they could retain their salary and title but would not have a job as of Oct. 1, according to two sources who have interviewed prospective employees from these firms.

While crediting the banks perhaps with a bit of altruism as it's easier to find a job with a job, the primary drivers of these "tap tap" layoffs is twofold: The financial institution can decrease the number of reported layoffs if these employees find other jobs. Secondly, the banks will lower their expenses for the fourth quarter.