econintersect.com
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
econintersect.com
No Result
View All Result
Home Business

Goldman Sachs Ready For Biggest Job Cuts Since The Financial Crisis

admin by admin
1월 10, 2023
in Business
0
Goldman Sachs Ready For Biggest Job Cuts Since The Financial Crisis
0
SHARES
0
VIEWS

Goldman Sachs Group (GS.N) will start laying off thousands of people across the firm from Wednesday, two sources with knowledge of the move said, as it gets ready for a tough economic environment.

Just over 3,000 workers will be terminated, one of the sources said, but the final number is yet to be confirmed. That scale of the cuts would be the greatest since the 2008 financial crisis, one of the sources said.

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City

The sources could not be named as the information was not yet released to the public. Goldman Sachs would not comment. Bloomberg News reported on Sunday that Goldman would cut about 3,200 jobs.

Goldman had 49,100 employees at the end of the third quarter, after hiring significant numbers of staff during the coronavirus pandemic.

The job cuts are expected to affect most of the bank’s major divisions, but should focus on Goldman Sachs’ investment banking arm, one of the sources said. Wall Street banks have experienced a major slowdown in corporate deal-making activity due to volatile global financial markets.

Hundreds of people are also likely to be laid off from Goldman Sachs’ consumer business, Marcus, after it dialed back plans for the loss-making unit, the sources said.

The bank’s chief executive David Solomon sent a year-end voice memo to employees warning of a workforce reduction in the first half of this month, two separate sources said. Goldman Sachs would not comment on the memo.

These layoffs come ahead of the bank’s annual bonus payments which are usually given later in January and are expected to reduce by about 40%. The bank resumed its annual performance review process and layoffs in September after pausing for two years during the pandemic.

The Wall Street giant usually cuts about 1% to 5% of employees every year. These recent cuts will come in addition to the earlier layoffs.

Global banks, including Citigroup Inc (C.N) and Morgan Stanley (MS.N), have cut their workforces in recent months as a dealmaking boom on Wall Street faded due to high interest rates, the war between Russia and Ukraine, tensions between the United States and China, and soaring inflation.

Buy Crypto Now

Global investment banking fees almost halved last year, with $77 billion raked in by the banks, down from $132.3 billion the previous year, according to Dealogic data.

The total value of mergers and acquisitions (M&A) globally had dropped 37% to $3.66 trillion by Dec. 20, Dealogic data showed, after reaching an all-time high of $5.9 trillion in 2022.

Banks had executed $517 billion worth of equity capital markets (ECM) transactions by late December last year, the lowest level since the early 2000s and a 66% fall from 2021’s bonanza, according to Dealogic data.

Despite the slowdown, Goldman’s top dealmakers told Reuters in recent interviews that they are optimistic about an M&A recovery in the second half of this year.

Tags: bankingbanksBloombergbusinessCitigroupfinancial crisisGoldman Sachsinvestmentjob cutsMorgan StanleyWall Street
Previous Post

Is XRP A Good Investment In 2023?

Next Post

AstraZeneca Expands Heart, Kidney Business With $1.8B CinCor Deal

Related Posts

SEC Accepts BlackRock’s Spot Bitcoin ETF Application
Business

SEC Accepts BlackRock’s Spot Bitcoin ETF Application

by admin
US Senate Finance Committee Asks Crypto Community How To Tax It In Open Letter
Business

US Senate Finance Committee Asks Crypto Community How To Tax It In Open Letter

by admin
Arkham Intel Firmly Denies Affiliation With US Government Amid Criticism Over Privacy
Business

Arkham Intel Firmly Denies Affiliation With US Government Amid Criticism Over Privacy

by admin
What Does Persistent Inflation Mean For Bitcoin?
Business

What Does Persistent Inflation Mean For Bitcoin?

by admin
When Will Crypto Go Mainstream?
Business

When Will Crypto Go Mainstream?

by admin
Next Post
AstraZeneca Seeks Growth With New Drugs As COVID Sales Dwindle

AstraZeneca Expands Heart, Kidney Business With $1.8B CinCor Deal

답글 남기기 응답 취소

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

© Copyright 2024 EconIntersect

No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자

© Copyright 2024 EconIntersect