Amid Slower Deal Making, Goldman Sachs To Layoff Some 500 Jobs

Amid Slower Deal Making, Goldman Sachs To Layoff Some 500 Jobs
  • Goldman Sachs Group Inc GS will cut jobs as soon as this month as a part of the bank's annual performance reviews suspended during the pandemic, Wall Street Journal reported citing a person familiar with the matter. 
  • The bank usually cuts about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source told Reuters.
  • Goldman's headcount reached 47,000, and a 1% staff cut would imply a reduction of about 500 bankers.
  • The New York Times reported on the upcoming layoffs, citing two people familiar with the plans.
  • According to the WSJ report, Chief Financial Officer Denis Coleman said the bank would slow its hiring pace and be slower in replacing departing staff due to economic uncertainty.
  • In July, Goldman Sachs warned it might slow hiring and cut expenses as the economic outlook worsens. It reported a 48% slump in quarterly profit.
  • Price Action: GS shares closed at $342.81 on Monday.

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