Goldman Sachs will lay off as many as 3,200 employees this week as an uncertain economic and market climate pushes the bank to hunt for cost savings, according to a person familiar with the matter.
More than a third of the job cuts are expected to be from the firm’s trading and banking units, the person said. Like its Wall Street rivals, Goldman Sachs has been hit by a slump in global dealmaking activity as fewer companies merge or seek to raise capital. Hiring for roles in other areas will continue and the new analyst class will start later this year as planned, the person added added. News of the layoffs was first reported by Bloomberg. The bank declined to comment.
Companies are looking to conserve cash in case interest rate hikes trigger a global recession, and the appetite for mergers and acquisitions and initial public offerings has dried up. That’s hurt companies like Goldman Sachs that advise on these transactions. The bank’s revenue during the third quarter of 2022 dropped 12% from a year ago. Investment banking revenue plunged 57% year-over-year.
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