Goldman Sachs is weighing potential layoffs of up to 8% of its workforce in the new year as the economy continues to pose headwinds, a source familiar with the matter said.
is planning to cut up to 8% of its workforce, according to a source familiar with the matter, as the bank tries to weather an uncertain economic environment.
The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps. No final decision has been made and discussions to determine the right size of the firm are ongoing. However, the cuts are likely to occur in January, a source said. As of Sept. 30, there were 49,100 people working for the investment banking firm, according to a recent earnings report. The potential cuts could impact as many as 4,000 workers.
The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange in New York City, New York, on Nov. 17, 2021. "We continue to see headwinds on our expense lines, particularly in the near term," Solomon said at the conference. "We’ve set in motion certain expense mitigation plans, but it will take some time to realize the benefits."
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