A person familiar with the case told the agency "AFP" Layoffs this year will be deeper than usual in light of the uncertainties in the economic outlook and the growing labor force in the United States "Goldman Sachs" In the last years.
The number of bank employees "Goldman Sachs" 49,100 employees at the end of last October, an increase of 30 percent compared to the end of 2019, after a series of acquisitions and recruitment.
The move comes at a time when he testifies "Goldman Sachs" And other investment banks have significantly reduced fees associated with initial public offerings, in addition to hazy expectations regarding advising on mergers and acquisitions in 2023.
And during a financial conference last week, said David Solomon, CEO of the bank "Goldman Sachs" Capital markets activity was also weaker than expected, with clients reducing investment risks after a volatile year.
Solomon added: "Meanwhile, we continue to see headwinds on our expenditure lines, especially in the near term"following on "We will remain vigilant and make the size of the company reflect the range of opportunities before us".
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It is expected that the job cuts will take place in early 2023, according to reports published by “Semaphore” and “CNBC”, which suggested that the final figure would be less than 8 percent in the end.
He usually dispensesGoldman SachsAbout 1 to 5 percent annually of its workforce, targeting low-performing employees.
A person familiar with the case told AFP that this year’s layoffs will be deeper than usual given uncertainty over the economic outlook and the growth of Goldman Sachs’ workforce in recent years.
Goldman Sachs had 49,100 employees at the end of last October, an increase of 30 percent compared to the end of 2019, after a series of acquisitions and hirings.
The move comes at a time when Goldman Sachs and other investment banks are witnessing a significant drop in fees associated with initial public offerings, in addition to hazy expectations regarding advising on mergers and acquisitions in 2023.
During a financial conference last week, David Solomon, chief executive of Goldman Sachs, said capital market activity was also weaker than expected, with clients easing their investment risks after a volatile year.
“At the same time, we continue to see headwinds on our expense lines, especially in the near term,” Solomon added.