Goldman To Cut Thousands Of Jobs Midweek: Report Bloomberg News reported on Sunday that Goldman would eliminate about 3,200 positions
By Teena Jose
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Goldman Sachs Group will start cutting thousands of jobs across the firm from Wednesday,as it prepares for a tough economic environment, according to a Reuters report citing two sources familiar with the move.
The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. Furthermore, Bloomberg News reported on Sunday that Goldman would eliminate about 3,200 positions.
The firm is also poised to unveil financials tied to a new unit that houses its credit card and instalment-lending business, which will record more than $2 billion in pretax losses, the people said, asking not to be identified as discussing private information, as per a Bloomberg report.
Hundreds of jobs are also likely to be reduced from Goldman Sachs' loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus. More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts, the report further added.
Stating the headcount of the financial major, Bloomberg reported that Goldman had 49,100 employees at the end of the third quarter, after adding significant numbers of staff during the coronavirus pandemic.
Refering to Dealogic data, the news report stated that investment banking fees nearly halved in 2022, with $77 billion earned globally by the banks, down from $132.3 billion one year earlier.
