Goldman Sachs (GS, $354.82) set to cut 3,200...

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published in Blogs

Jan 09, 2023

Goldman Sachs (GS, $354.82) set to cut 3,200 jobs

Goldman Sachs Group shares rose in pre-market trading, amid media reports that the banking behemoth is set to begin job cuts later this week.

According to the reports, Goldman is likely to slash around 3,200 roles, largely in the trading and banking divisions. The decision reportedly came after the company’s year-end review led by CEO David Solomon.

In late December, Solomon mentioned in a company-wide memo that various factors affecting the business landscape, including monetary tightening that are slowing down economic activity are impacting the bank's prospects. He cautioned that a headcount reduction will occur in the first half of January.

This will be one of Goldman’s largest round of layoffs, with the last major one having taken place in 2008 after the Lehman Brothers collapse. The number of employees in the company was more than 49,000, as of 30 September 2022. It had reportedly held off annual firing of underperformers during the pandemic.

Media reports mentioned that Goldman is also “poised to unveil financials tied to a new unit that houses its credit card and installment-lending business, which will record more than $2 billion in pretax losses”.

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