Goldman Sachs Layoff: Finance major to axe 3,200 jobs- Everything you need to knowDevanshe Pandey, Times Now Digital

Jan 10, 2023

​3,200 layoffs top happen from this week

Goldman Sachs is expected to begin the lay off this week. David Solomon confirmed that the investing banking company will be making a “headcount reduction” starting January 2023.

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​CEO's letter to employees

"We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January," stated the Chief Executive Officer in his letter.

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​7 per cent of the Bank's global workforce to be affected

The 3,200 job losses would represent about 7 per cent of the bank's global workforce of 49,000. Bloomberg News, which first reported the proposed extent of the job cuts, said the bank would continue hiring at junior levels.

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​Layoffs to "weather the headwinds"

The chief executive, David Solomon, late last month told staff that the cuts were necessary to "weather the headwinds" caused by rising interest rates.

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​Job cuts expected in investment banking division

The cuts are expected to be concentrated in the investment banking division, where fee income has fallen, and its consumer arm, where it has scaled back ambitions for the underperforming Marcus brand -- though most divisions across the bank are likely to be affected.

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​Morgan Stanley also laid off 1,600 job cuts

Goldman Sachs immediate competitor, Morgan Stanley also laid off around 1,600 people in December to order to cut costs.

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Layoffs to increase in 2023!

Layoff spree which started last year will continue to a larger extent in 2023, as per the experts. Companies are laying of thousands of employees citing adverse economic situation as one of the reasons.

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