Lost your password?
Don't have an account? Sign Up

Goldman Sachs Plans massive layoffs

Goldman Sachs Group Inc. plans to cut 3,200 jobs starting this week, according to the WSJ.

Part of tech trend on reducing the costs after a big slump in deal making sector

Tweet on massive layoffs 

FactSet Chart on Goldman Sachs layoffs

The layoffs amount to nearly 7% of the 49,000 employees on the U.S. bank’s payroll as of September.

Goldman’s executives have been planning since at least December to slash thousands of jobs.

The size of the job reduction and timing adds details to the plan. The quick pullback in part reflects an aggressive runup in headcount over the pandemic. Goldman’s payroll grew by 11,000, or 29%, from the end of 2019 through last September.

Wall Street banks are slashing costs–including cutting bonus pools sharply–to offset a drop in deal making revenue. Fees from advising on deals, stock offerings and bond sales fell more than 40% in December from a year earlier, the biggest year-over-year decline on record, according to Dealogic.

Goldman Sachs stock was little changed in premarket trading Monday, and was recently quoted 0.3% higher at $348.98.



Image:Goldman Sachs