Goldman Sachs to begin laying off over 3,000 employees midweek: Report
Goldman Sachs layoffs: Previously, it was reported that Goldman Sachs would lay off approximately 3,200 of its 49,100 employees by the end of the third quarter. This is the aftermath of Goldman's hiring binge during the coronavirus pandemic.
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FollowGoldman Sachs Group anticipated to lay off thousands of employees beginning Wednesday, according to sources. This comes as the company prepares for a challenging economic environment.
The job cuts are expected to total just over 3,000, but the exact number has yet to be confirmed, as per a source reported by Reuters. Until now, Goldman Sachs declined to comment on the matter.
Previously, it was reported that Goldman Sachs would lay off approximately 3,200 of its 49,100 employees by the end of the third quarter. This is the aftermath of Goldman's hiring binge during the coronavirus pandemic.
The layoffs at Goldman Sachs will likely focus on its investment banking division, but they will affect most of the company's major divisions. According to Reuters, it's also planning to cut hundreds of jobs in its loss-making consumer business after scaling back plans for its direct-to-consumer unit Marcus.
Furthermore, according to the report, investment banking fees halved nearly in 2022, from $132.3 billion to $77 billion a year ago. By December 2020, the total value of mergers and acquisitions has dropped 37 per cent to $3.66 trillion.
The lay-off at Goldman Sachs comes amid a wave of layoffs at businesses across all sectors. McDonald's, Vimeo, Salesforce, Meta, Twitter, and Amazon are a few of the numerous businesses that have announced layoffs.
Also read: Amazon to layoff 18,000 employees worldwide; How will it impact India?
Also read: 5 major changes that happened at Twitter post Elon Musk's takeover
Also read: Google likely to fire 6 percent of employees in 2023 with poor performance rating: Report
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