Goldman Sachs is Cutting Jobs Again Amid Wall Street Deals Slump
Goldman Sachs, a prominent Wall Street firm, is making preparations for its third round of layoffs since September, responding to a decline in deals activity.
According to an individual familiar with the plans of the New York-based bank, the company is expected to reduce less than 250 positions in the upcoming weeks.
In September, Goldman Sachs, under the leadership of CEO David Solomon, became one of the first major Wall Street firms to downsize its workforce, eliminating several hundred jobs. In January, the company proceeded with further layoffs, resulting in around 3,200 employees being let go.
Last week, CNBC reported that Morgan Stanley announced approximately 3,000 job cuts, while JPMorgan Chase reduced its workforce by approximately 500 positions.
Goldman Sachs, compared to its competitors, is more closely linked to the fluctuations of Wall Street. Its trading and advisory revenue experienced a combined drop of 16% in the first quarter, which contributed to a disappointing start to the year. The layoffs at Goldman will impact managing directors and some partners, as reported by the undisclosed source. The Wall Street Journal had initially reported this information.
As of March 31, Goldman Sachs had 45,400 employees, marking a 6% decline from the fourth quarter of 2022.
