Goldman Sachs CEO David Solomon speaks on the Milken Institute Global Conference in Beverly Hills, California, April 29, 2019.
Kyle Grillot | Bloomberg | Getty’s paintings
Goldman Sachs is gearing up for a 3rd round of layoffs since September as Wall Street firms adjust to a decline in deals.
The corporate is anticipated to chop fewer than 250 jobs in the approaching weeks, an individual aware of the Recent York bank’s plans said on Tuesday.
Goldman Sachs, led by CEO David Solomon, was one of the primary major Wall Street firms to chop jobs in September, cutting several hundred jobs. It then cut more jobs in January, cutting around 3,200 staff. Morgan Stanley announced about 3,000 layoffs this month and JPMorgan Chase cut about 500 jobs, CNBC reported last week.
But Goldman is more tied to the ups and downs of Wall Street than its rivals. A combined 16% drop in sales and advisory revenues in the primary quarter contributed to a disappointing begin to the yr.
Based on the one that declined to be identified, speaking of the layoffs, the managing directors and a few partners will feel the consequences of Goldman’s cuts. The Wall Street Journal reported on Tuesday.
Goldman had 45,400 employees as at March 31, which is a decrease of 6% in comparison with the fourth quarter of 2022.
Clarification: This story has been updated to reflect the indisputable fact that JPMorgan Chase cut about 500 jobs last week.