According to media reports, the banking group Goldman Sachs will start laying off thousands of employees from Wednesday due to difficult economic conditions.
The US investment banking giant is expected to cut about 3,200 jobs. This will include cuts in core trading and banking divisions that will affect most of the bank’s core divisions, but the layoffs are expected to focus on Goldman Sachs’ investment banking division.
The cuts, which amount to about 6.5 percent of 49,000 employees, are smaller than the worst-case scenario of 3,900 job cuts.
A source familiar with the matter said the final figure could also be less than 3,200. However, the size of the cut that is taking place is one of the largest layoffs undertaken by Goldman Sachs in its recent history.
The bank is expected to announce fourth-quarter earnings on January 17. Analysts expect earnings per share to decline by about 8% year-on-year over the last three months of 2022.
Source: The Independent