Leading global investment banking, securities, and investment management firm Goldman Sachs is expected to lay off hundreds of workers as it is planning to implement a round of job cuts this month that threatens to result in hundreds of dismissals among the bank’s workers.
Sources said that the dismissals at the company could begin as early as next week and impact employees across the company.
The financial investment firm, which mentioned reduced profits in an earnings report in July, has reportedly declined to comment on the reports of dismissals. The firm had about 47,000 employees before the beginning of July across investment banking, trading, asset and wealth management, consumer banking, and operational functions.
Goldman Sachs declared a 48 percent slump in its second quarter profit as its clients face inflation, rising interest rates, the Covid-19 pandemic, and war in Ukraine. Its investment banking division generated revenues of $2.1 billion, down 41 percent compared to a year ago.
According to the Goldman Sachs chief financial officer, Denis Coleman, the company has made the decision to slow hiring velocity. He telegraphed the dismissals in July when he said the bank was looking at ways to slash costs, including reintroducing the year-end performance review of its workers. The firm had warned it might have to cut expenses as the economic outlook worsens.
