Due to challenging economic conditions, Goldman Sachs, the world’s most recognized investment firm, is planning to lay off 3,200 staff starting of Wednesday.
As it prepares for challenging economic conditions, the US Goldman Sachs Group will begin laying off thousands of employees across the corporation on Wednesday.
According to one of the two persons acquainted with the situation, layoffs are expected to exceed 3,000, but the exact figure has yet to be established. Goldman Sachs did not reply to requests for comment.
According to Bloomberg, Goldman Sachs is planning to lay off approximately 3,200 employees. Goldman Sachs, which hired heavily during the Covid-19 pandemic, had 49,100 workers at the end of the third quarter.
The layoffs are anticipated to affect most of the bank’s major businesses but will focus on Goldman Sachs’ investment banking arm. As a result of unpredictable global financial markets, Wall Street banks have seen a significant slowdown in corporate dealmaking activity.
According to the sources, hundreds of positions are also set to be cut from Goldman Sachs’ consumer subsidiary, Marcus, after the firm pared back plans for the loss-making unit.
The layoffs come ahead of the bank’s annual bonus payouts, which are generally made in late January and are expected to be reduced by 40%.
After a two-year hiatus due to the pandemic, the bank resumed its yearly performance assessment process and layoffs in September.
