According to news on December 13, Goldman Sachs Group plans to lay off hundreds of people at least. The Wall Street giant is restructuring its struggling consumer business and preparing for an uncertain economic year ahead. The bank is drawing up plans to potentially cut at least 400 jobs from its loss-making retail banking business, according to people familiar with the matter. Goldman Sachs Chief Executive David Solomon has said he is scaling back the firm’s consumer banking ambitions. Goldman Sachs sheds some underperforming employees every year, and the latest layoffs show that the bank has outgrown its usual layoffs. In September of this year, Goldman Sachs launched the largest round of layoffs since the outbreak of the epidemic in 2020, planning to eliminate hundreds of positions.
| Related Reading (Wall Street Insights)
After Silicon Valley technology companies, Wall Street investment banks have also begun to lay off employees, and the wave of layoffs has spread to the financial industry that seems to be the most profitable. JPMorgan Chase and Morgan Stanley are still working on layoff plans, Citigroup has fired about 50 traders, and even more surprising is the troubled Credit Suisse, which is said to be laying off 2,700 people in one go in the fourth quarter of this year .
Against the background of these previous examples, Goldman Sachs layoffs do not seem to be surprising. With a global recession looming, chills will spread across Wall Street.
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