Goldman Sachs Joins Growing Number of Top Companies to Lay Off Thousands

Goldman Sachs Joins Growing Number of Top Companies to Lay Off Thousands

Goldman Sachs Joins, Growing Number of Top Companies , to Lay Off Thousands.

CNN reports that sources say Goldman Sachs (GS) is getting ready to lay off up to 3,200 employees this week amid an uncertain economic and market climate.

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CNN reports that sources say Goldman Sachs (GS) is getting ready to lay off up to 3,200 employees this week amid an uncertain economic and market climate.

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According to one source, over a third of the layoffs are expected to be from the bank's trading and banking units.

The source also said that hiring for roles in other areas is expected to continue and a new analyst role will start as planned later this year.

CNN reports that GS had approximately 49,100 employees as of the end of the third quarter.

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Amid the pandemic recovery, the bank added thousands of jobs as the market and investment banking surged.

Efforts by the Federal Reserve to reign in skyrocketing inflation has caused companies to conserve cash amid growing fears of a global recession.

Efforts by the Federal Reserve to reign in skyrocketing inflation has caused companies to conserve cash amid growing fears of a global recession.

As a result, GS saw its revenue drop 12% during the third quarter of 2022.

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CNN reports that revenue for investment banking has plummeted 57% compared to 2021.

The reported layoffs come as other banks and top companies brace for what is expected to be a chaotic year.

Earlier this month, Amazon announced plans to lay off over 18,000 employees.

Meanwhile, Morgan Stanley have also started layoffs amid an uncertain business environment.