A Week After Morgan Stanley Layoffs, Goldman Sachs Axes 4,000 Jobs

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  • Goldman Sachs Group Inc (NYSE: GSAs it struggles to navigate an uncertain economic environment, ) intends to lay off approximately 4,000 employees. However, no final list was drawn up.

  • As per SemaforManagers have been asked to identify poor performers.

  • The bank added approximately 49,000 people to its workforce during the pandemic. The bank will maintain its pre-pandemic headcount of 38,300, which was at the end 2018 at the same level.

  • In a typical year, 2%-5% of Goldman lays off or receives no bonus — “zeroed out” in industry parlance.

  • Related: Goldman Plans Combining Investment Banking and Trading Units In Major Organizational Overhaul.

  • Dealmaking and fundraising activities are slowing down and Wall Street Bank finds it difficult to achieve profitability targets.

  • Goldman Sachs announced the layoff of approximately 500 bankers in September. It would also slow down its hiring rate and take longer to replace departing staff, according to the CFO. due to economic uncertainty.

  • Another Wall Street giant was discovered almost a week ago. Morgan Stanley (NYSE: MS), trimmed its workforce by about 2%, affecting around 1,600 positions.

  • Switzerland’s second-largest bank, Credit Suisse Group AG (NYSE: CSIt announced that it would be laying off 2,700 full-time employees, which accounts for about a third to its planned cuts as well as a fifth of its global 52,000 employees.

  • It anticipates that the total staff base will reach shrink Additional job cuts and natural atrition will increase the number to 43,000 by 2025.

  • Price Action GS shares are currently down 0.98% at $346.39, according to the latest check Friday.

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