Goldman Sachs Layoffs: Investment Banking Firm To Begin Fresh Round of Job Cuts; Fewer Than 250 Employees To Be Fired, Says Report
According to a report, Goldman Sachs is likely to lay off fewer than 250 employees in the coming weeks in its second round of job cuts.
New Delhi, May 31: Leading investment banking firm Goldman Sachs is planning another round of layoffs. According to a report, Goldman Sachs is likely to lay off fewer than 250 employees in the coming weeks in its second round of job cuts. Senior employees such as managing directors and partners could be hit by the Goldman Sachs layoffs, the report said. The firm had 45,400 employees at the end of March 2023.
In the first quarter, Goldman Sachs laid off 3,200 employees in its biggest round of layoffs since the 2008 financial crisis. About 500 employees were laid off by the company last year too. Speaking about layoffs with news agency Reuters, a source said that Goldman Sachs was keeping budget tight this year. Layoffs have hit employees of leading investment banks in recent months. Goldman Sachs Settles Gender Discrimination Suit for USD 215 Million.
In February, Goldman Sachs Chief Financial Officer Denis Coleman had informed investors that the bank was going to improve its efficiency ratio by cutting headcount, not replacing employees who depart and trimming other expenses.
Earlier this month, top global brokerage firm Morgan Stanley reportedly planned its second round of job cuts amid a continuing global meltdown. According to a Bloomberg report, senior managers are discussing plans to eliminate about 3,000 jobs or roughly 5 per cent of its global workforce by the end of this quarter.
Later in May, it was also reported that Morgan Stanley was looking to lay off seven per cent of its Asia-Pacific investment bank workfoce with China to be the worst hit amid worsening economic conditions. The global investment bank may reportedly communicate this to almost 40 affected bankers, especially those in the capital markets unit.
Companies in various fields, especially in tech world, have announced layoffs in past six month, affecting thousands of workers worldwide. Newly-hired employees or those who were rewarded for their performances were also among fired staff.
(The above story first appeared on LatestLY on May 31, 2023 07:33 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).