Goldman Sachs layoffs news has caused rocked the industry amidst an already rocky economic situation. As per latest reports, Goldman Sachs layoffs will begin from this week itself, that too around Wednesday.
According to a Bloomberg report, at this point, Goldman Sachs layoffs are expected to impact thousands of jobs at the investment banking division. To narrow down to a number, about 3,200 jobs are expected to be axed at Goldman Sachs, however, the exact number will be known later.
The report also adds that Goldman Sachs had about 49,100 employees at the end of the third quarter (Q3) and the company also resorted to mass hiring during the COVID-19 pandemic. However, since the global economy is slowly progressing towards an economic downturn, the mass layoffs are expected to affect most major divisions of banks.
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To add to a reason of these mass layoffs, the report mentions that the institutional banks have gone through a major slowdown in corporate deals due to volatile global financial markets. When it comes to Goldman Sachs layoffs, many jobs are expected to also be axed as the company’s loss-making consumer business scaled back plans for its direct-to-consumer unit Marcus.
Goldman Sachs layoffs also come at a time when its major competitors like Morgan Stanley have also resorted to job cuts in an effort to minimise losses and scale back. As per experts, even 2023 is expected to be a year when companies surrender to job cuts as economic situation on several fronts may get slower.
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