Goldman Sachs has started laying off over 3,000 employees globally
Wall Street layoffs tend to be timed to precede the earnings and spring bonus season, cutting employees loose before large sums are handed out. The bank is expected to release its earnings for Q4 2022 on January 17.
Wall Street cuts during downturns tend to affect highly-paid executive-level employees as well as support staff like those doing research, administrative and tech work, said Jeanne Branthover, a managing partner at recruiting firm DHR Global, who specializes in placing bankers and senior-level executives at financial services firms.
"A lot of these firms hired support teams for business developers and dealmakers, but things are changing rapidly," she said. Indeed,The cuts at Goldman follow tech industry layoffs that have seen engineers at Meta, Twitter, and other companies lose their jobs in recent months. A recent survey by the accounting firm PricewaterhouseCoopers highlighted how intent executives have been on cost-cutting to weather rising interest rates and the decline of dealmaking from highs in 2021. in November, more than 80% of the more than 650 executives who participated said they anticipated a recession and planned to reduce their workforces.
"When companies hunker down in anticipation of an economic downturn, they conserve cash and scale back spending," the report said."When entire industries take this approach, they can create the very situation they were hoping to avoid."Subscribe to push notifications
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