Global Courant 2023-05-31 00:42:52
David Solomon, CEO, Goldman Sachs, speaks at the Milken Institute Global Conference in Beverly Hills, California, April 29, 2019.
Kyle Grillo | Bloomberg | Getty Images
Goldman Sachs prepares for the third round of layoffs since September as Wall Street firms adjust to a deals slump.
The company is expected to cut fewer than 250 jobs in the coming weeks, a person with knowledge of the New York-based bank’s plans said Tuesday.
Goldman Sachs, led by CEO David Solomon, was one of the first major Wall Street firms to cut jobs in September, cutting several hundred jobs. It then cut more jobs in January, freeing up about 3,200 workers. Morgan Stanley announced about 3,000 job cuts this month, and JPMorgan Chase about 500 jobs cut, CNBC reported last week.
But Goldman is more tied to Wall Street’s ups and downs than its rivals. The combined 16% drop in trading and advisory revenues in the first quarter contributed to a disappointing start to the year.
Directors and some partners will be affected by Goldman’s cuts, according to the person, who declined to be identified speaking of layoffs. The Wall Street Journal reported the news earlier Tuesday.
Goldman had 45,400 employees as of March 31, a decrease of 6% from the fourth quarter of 2022.
Clarification: This story has been updated to reflect that JPMorgan Chase cut approximately 500 jobs last week.
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