Goldman Sachs Group Inc plans more workforce reductions as the difficult economic environment weighs on dealmaking and warned trading revenue could fall 25% this quarter, the bank's president said on Thursday.
John Waldron, president and Chief Operating Officer of Goldman Sachs, speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidplans more workforce reductions as the difficult economic environment weighs on dealmaking and warned trading revenue could fall 25% this quarter, the bank's president said on Thursday.
"The macro backdrop is extraordinarily challenging," Goldman's President and Chief Operating Officer John Waldron told investors at a conference, without specifying the scale of the layoffs.in the coming weeks, a source familiar with the matter told Reuters in May. In January, it cut 3,200 jobs, its biggest headcount reduction since the 2008 financial crisis. Waldron said the latest job cuts will help the Wall Street titan achieve the $600-million target it set in February for reducing payroll expenses, and said the bank may actually surpass that target by the end of the year. He also said he expects a 25% fall in market revenue for both equities and fixed income in the current quarter from a year earlier. Shares of Goldman Sachs were down 1.7% in afternoon trading, underperforming the S&P 500 financial index , which is up 1%. "If you think about global banking and markets, the capital markets activity is more sluggish … The markets-oriented businesses, equities and fixed income, the activity levels are more muted."that trading results will be "notably down" in the second quarter versus a year earlier, while "investment banking is also very challenged."
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