Goldman Sachs Layoffs: Major Job Cuts Loom at Investment Bank
Sunday, 1 September 2024, 10:44
Goldman Sachs Layoffs Impacting Workforce
Goldman Sachs is undertaking significant layoffs, impacting nearly 1,800 jobs as part of an annual review process. This move represents about 3% to 4% of its total workforce of approximately 45,300 employees.
Details of the Job Cuts
- Job cuts are being implemented across various divisions of the bank.
- The job cuts have already commenced and are expected to continue through the fall.
- This annual job assessment is described as a strategic resource assessment (SRA).
- Goldman usually targets 2% to 7% of its workforce for cuts based on performance.
Market Conditions Influencing Layoffs
According to a report, other banks like JPMorgan and Citigroup are also implementing similar measures to eliminate underperformers in their annual reviews.
Future Outlook for Goldman Sachs
- Despite layoffs, the bank anticipates a higher headcount by the end of 2024.
- Goldman Sachs reported a 21% increase in investment-banking revenue year-over-year.
- Also noted is a 27% rise in revenue for its asset and wealth management division.
Goldman Sachs continues to adapt its workforce according to market demands and performance reviews.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.