Goldman Sachs to cut 3,200 jobs: source | ABS-CBN

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

Business

Goldman Sachs to cut 3,200 jobs: source

Goldman Sachs to cut 3,200 jobs: source

Agence France-Presse

Clipboard

A view of a sign at the Goldman Sachs on the LCD screen in Kuala Lumpur, Malaysia, 24 July 2020 (reissued 18 January 2021). EPA-EFE/FAZRY ISMAIL
A view of a sign at the Goldman Sachs on the LCD screen in Kuala Lumpur, Malaysia, 24 July 2020 (reissued 18 January 2021). EPA-EFE/FAZRY ISMAIL

NEW YORK, United States - Goldman Sachs plans to cut 3,200 jobs and could announce this as early as this week, a source close to the issue said Sunday, confirming press reports.

The American investment bank did not respond to an AFP query seeking comment.

A source close to the issue said there would be a maximum of 3,200 jobs eliminated -- less than the figure of 4,000 cited in the press last month -- and that it could end up being slightly less.

The larger figure of 4,000 would be about 8 percent of the bank's staff.

ADVERTISEMENT

Goldman Sachs typically trims about one to five percent of headcount each year, targeting underperforming staff.

This year's culling will be deeper than usual in light of the uncertain economic outlook and the growth in Goldman's staffing in recent years, a person familiar with the matter told AFP in mid-December.

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions.

The planned job cuts come as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty.

jul/dw/mca

© Agence France-Presse

ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.