Headquartered in New York, USA, Goldman Sachs is the second-largest investment bank in the world by revenue.
Reportedly it is set to begin extensive layoffs this week.
With as many as 3,200 employees on the list, it is claimed to be one of the biggest rounds of redundancies at Goldman Sachs.
The job losses would amount to approximately 7% of the bank’s global workforce of 49,000.
Bloomberg was the first one to report on the bank’s plans.
The news came a week before Goldman Sachs’ traditional year-end compensation discussions.
The world’s leading investment banks have seen a boom in 2021 and early 2022. But institutional banks suffered a major decline in corporate deals due to Covid 19 lockdown.
This resulted in a volatile global financial market. Massive layoffs are also happening due to retail bank failures.
Why is Goldman Sachs cutting jobs? The organization is looking to cut costs, which explains the layoff.
The job cuts are expected to happen in the investment banking division, as well as the consumer’s arm. However, a majority of the bank’s divisions are probably going to be affected by the cuts.
The uncertain economic outlook means that even the remaining ones may also see a dip in their compensation figures.
Goldman Sachs isn’t the only company to have considered layoffs over the last few months.
Meta, Twitter, and Amazon are among the notorious ones to have decided to lay off employees in huge volumes.
Amazon announced earlier this year that it would be cutting about 18,000 jobs.
