Goldman Sachs to begin laying off over 3,000 employees midweek
Business

Goldman Sachs to begin laying off over 3,000 employees midweek

Goldman Sachs to begin laying off over 3,000 employees midweek
Goldman Sachs

Layoffs at Goldman Sachs: It was previously reported that by the end of the third quarter, Goldman Sachs would let go of about 3,200 of its 49,100 workers. This is the fallout from the hiring frenzy that Goldman engaged in during the coronavirus outbreak.

According to insiders, the Goldman Sachs Group is planning to fire hundreds of employees starting on Wednesday. This occurs while the business gets ready for a difficult economic climate.

According to a source cited by Reuters, the number of job layoffs is anticipated to be just over 3,000, but the precise figure has not yet been verified. Goldman Sachs has so far refrained from commenting on the situation.

According to earlier reports, Goldman Sachs planned to fire roughly 3,200 of its 49,100 workers by the end of the third quarter. This is the fallout from the hiring frenzy that Goldman engaged in during the coronavirus outbreak.

Most of Goldman Sachs’ significant divisions will be impacted, although the investment banking division is anticipated to receive the majority of the layoffs. After pulling back ambitions for its direct-to-consumer unit Marcus, it also intends to eliminate hundreds of positions in its loss-making consumer sector, according to Reuters.

Additionally, the research states that investment banking fees decreased by almost half from $132.3 billion to $77 billion in 2022. The overall amount of mergers and acquisitions will have decreased 37% to $3.66 trillion by December 2020.

The layoff at Goldman Sachs occurs in the midst of a wave of layoffs at companies across all industries. Among the many companies that have announced layoffs include McDonald’s, Vimeo, Salesforce, Meta, Twitter, and Amazon.

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