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Goldman Sachs Initiates Job Cuts
Goldman Sachs, a leading financial institution, is bracing for its third round of layoffs since September in response to a decline in deals activity on Wall Street. Sources familiar with the matter have revealed that the New York-based bank plans to trim fewer than 250 jobs in the coming weeks. The anticipated job cuts will primarily impact managing directors and select partners within the firm. The sources preferred to remain anonymous due to the sensitive nature of the topic.
The decision by Goldman Sachs follows similar moves made by other major Wall Street players earlier this year. In September, the company was among the first to reduce its workforce by eliminating a few hundred positions. Subsequently, in January, the bank undertook a significant downsizing effort, resulting in approximately 3,200 employees being let go. Last month, Morgan Stanley announced around 3,000 job cuts, while JPMorgan Chase reduced its workforce by approximately 500 positions, as reported by CNBC.
Unlike its competitors, Goldman Sachs is particularly sensitive to the ebbs and flows of Wall Street. The bank faced a challenging start to the year, with a combined 16% drop in trading and advisory revenue during the first quarter. This disappointing performance has necessitated further measures to align its operations with the current market conditions. While the precise impact of the impending job cuts remains uncertain, managing directors and certain partners are expected to bear the brunt of the restructuring effort.
As of March 31, Goldman Sachs employed 45,400 individuals, representing a 6% decrease from the previous quarter. This reduction in workforce size reflects the bank’s commitment to adapt to the evolving economic landscape and maintain its competitive position within the financial industry.