Date :- 09-01-2023
Watsupptoday Desk

Goldman Sachs faced a sharp slump in its operations in 2022 after a period of rapid growth during the Covid-19 pandemic. The layoffs are a part of the global investment banking giant's strategy to prepare for a tough economic environment in 2023.
Global investment banking and financial services company Goldman Sachs is preparing for its biggest round of layoffs that will impact thousands of employees from this week. A source who spoke to news agency Reuters said the jobs cuts are expected to be just over 3,000, but the final number is yet to be determined. However, a Bloomberg report has pegged the number of layoffs at the bank at 3,200 and that the process will start in a few days. A majority of the layoffs will be from the core trading and banking units, signalling the magnitude of the job cuts. This is because institutional banks have hit a roadblock in corporate deal making activity amid increased volatility in global financial markets.