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Home News

Goldman Sachs will cut hundreds of jobs this month!

Nitish Shevkani by Nitish Shevkani
November 4, 2022
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Goldman Sachs will cut hundreds of jobs this month - Technuto
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Report: Wall Street giant Goldman Sachs is preparing to cut jobs – possibly hundreds of them – according to a source familiar with the plans…

The staff cuts – which sources say could begin as early as next week – come as Goldman reinstates an annual employee performance review, a process it suspended for the past two years because of the health crisis.

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The source told Reuters that the company typically cuts between 1 percent and 5 percent of its workforce each year, and the 2022 cuts will likely be at the lower end of that range.

Goldman’s headcount reached 47,000 at the end of June, up 15% from a year earlier. A 1% reduction in headcount would mean a drop of about 500 bankers.

The New York Times reported on the upcoming layoffs, citing two people familiar with the plans.

Goldman Sachs declined to comment.

In July, the investment bank warned that it could slow hiring and cut spending as the economic outlook worsens.

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JPMorgan Chase, Wells Fargo, and Citigroup have all laid off mortgage bankers in recent months as the industry cuts back after expanding to meet a surge in demand.


 

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