Goldman Sachs Joins, Growing Number of Top Companies , to Lay Off Thousands.
CNN reports that sources say Goldman Sachs (GS) is
getting ready to lay off up to 3,200 employees this
week amid an uncertain economic and market climate. .
CNN reports that sources say Goldman Sachs (GS) is
getting ready to lay off up to 3,200 employees this
week amid an uncertain economic and market climate. .
According to one source, over a third of
the layoffs are expected to be from
the bank's trading and banking units.
The source also said that hiring for roles in other
areas is expected to continue and a new
analyst role will start as planned later this year.
CNN reports that GS had
approximately 49,100 employees
as of the end of the third quarter. .
Amid the pandemic recovery,
the bank added thousands of jobs as
the market and investment banking surged.
Efforts by the Federal Reserve to reign in skyrocketing
inflation has caused companies to conserve cash
amid growing fears of a global recession.
Efforts by the Federal Reserve to reign in skyrocketing
inflation has caused companies to conserve cash
amid growing fears of a global recession.
As a result, GS saw its
revenue drop 12% during
the third quarter of 2022. .
CNN reports that revenue
for investment banking
has plummeted 57%
compared to 2021.
The reported layoffs come as other
banks and top companies brace for
what is expected to be a chaotic year.
Earlier this month,
Amazon announced plans to
lay off over 18,000 employees.
Meanwhile, Morgan Stanley
have also started layoffs amid
an uncertain business environment.