Slowdowns in some business lines, an expensive consumer banking foray, and an uncertain outlook for markets and the economy are prompting the bank to slash costs.
Goldman Sachs is embarking on one of its biggest rounds of job cuts as it locks in a plan to eliminate about 3200 positions this week, with the bank’s leadershipThe firm is expected to start the process this week and the total number of people affected will not exceed 3200, according to a person with knowledge of the matter.
Since David Solomon became CEO of Goldman Sachs in 2018, total employee numbers have risen by 34 per cent.The cuts in its investment bank are elevated by the inclusion of the non-front office roles that were added to divisional headcount in recent years. The bank still has plans to continue hiring, including inducting the regular analyst class this year.
Slowdowns in various business lines, an expensive consumer-banking foray, and an uncertain outlook for markets and the economy are prompting the bank to batten down costs. Still, that revenue mark has been buoyed by its trading division, which will post another jump this year, helping the total figure notch its second-best performance on record., which could have eliminated almost 4000 jobs.
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