The Clap
According to sources, Goldman Sachs (NYSE:GS) is set to begin cutting thousands of jobs starting Wednesday, Jan 10.
What
The layoffs are expected to impact more than 3,000 people, the biggest wave of layoffs since the 2008 financial crisis.
By the end of Q3 2022, Goldman had over 49,000 employees after hiring heavily during the pandemic.
So What
A challenging economic environment has added pressure on businesses in all sectors. Due to volatile financial markets, investment banks have seen a significant drop in deals, which has directly impacted the bank’s business.
Now What
The job cuts are expected to impact all major divisions of the bank, but are expected to have a larger focus on the investment banking division.
