Goldman Sachs to cut about 3,200 jobs this week after cost review
Goldman Sachs Group is embarking on one of the biggest rounds of job cuts ever, as it plans to eliminate about 3,200 positions this week, Bloomberg reported.
More than a third of those are likely to be in the core trading and banking units, indicating the broad nature of the cuts. The scale of this year's firings is also affected by the firm’s decision to mostly postpone its annual cut of underperformers during the pandemic.
The last major exercise of this scale came after the collapse of Lehman Brothers in 2008, when the bank cut more than 3,000 jobs, or nearly 10% of its total workforce, with top executives forgoing their bonuses.
That said, the bank still plans to continue hiring, including inducting the regular analyst class later this year.
Analysts estimate that the bank's profits fell 46% on revenues of about $48 billion.
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