Employees of the international financial services corporation based in the United States await their fate as the investment bank launches its largest cost-cutting campaign since the global financial crisis.
Goldman Sachs will eliminate up to 3,200 positions as part of its largest reorganization since the 2008 global financial crisis.
The international financial services corporation and investment bank located in the United States is implementing a variety of cost-cutting measures after the deal-making and market boom caused by the COVID-19 epidemic ceased and net income fell by 44% in the first nine months of the current fiscal year.
It is believed that the company’s global workforce, including UK employees, will see layoffs.
In the United Kingdom, Goldman Sachs employs over 6,000 people.
According to reports, the majority of staff will learn their fates on Wednesday. And more than a third of layoffs are expected to occur in core trading and banking departments.
Approximately 6% of the 49,100 total employees recorded at the end of September will lose their jobs.
Goldman Sachs cuts 3200 positions, including UK personnel
Next Tuesday will see the release of fourth-quarter profits, with analysts anticipating a roughly 8% decline in earnings per share compared to the same period a year earlier.
During the pandemic years, the corporation recruited heavily, and in the year 2020, it ceased routinely terminating its least-performing employees.
As well as a slowdown in commercial operations and a costly entry into consumer banking. The uncertain global financial picture is also behind the decision to reduce the personnel.
As a result of the end-of-year statement from the chief executive of Goldman Sachs, employees anticipated layoffs.
In a late-December audio message to staff, David Solomon stated, “A multitude of issues is hurting the corporate landscape. Including tightening monetary conditions that are slowing down economic growth.”
Goldman Sachs has not respond to the reports.
