TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Submission Guidelines

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Recession-weary Goldman Sachs finalising plan to sack 4,000 staff next year

News • 17th Dec 2022 • 1 Min Read

Recession-weary Goldman Sachs finalising plan to sack 4,000 staff next year

Strategic HR

Author: People Matters Editorial Team People Matters Editorial Team
4.4K Reads
The bank targets culling “up to 8 per cent” of its 49,000 global workforce in January next year.

Recession-weary Goldman Sachs is drawing up a layoff plan which may see as many as 3,900 employees pack their bags and go starting in January.

This is likely to send out an indication of what the job market will be in the next year. It is believed that the drastic move is precipitated by stiff competition from Morgan Stanley.

Media reports quoted  Chief Executive David Solomon, who hinted at taking such a drastic step to reduce headcount. Solomon said he urgently seeks to scale up the bank's profitability amid economic headwinds. 

The plans are being finalised, and it is possible that the current target for a cull of “up to 8 per cent” of its 49,000 global workforce will be slimmed down if the business outlook improves, according to three people familiar with the discussions. 

Wall Street is staring at an uncertain future. Investment banking fees have tumbled 35 per cent in the year to date, according to Refinitiv data.

Reports suggested that pressure is mounting on Goldman to ramp up margins because Solomon is trying to improve the bank’s stock market valuation.

It has lagged behind peers such as Morgan Stanley for years. 

In October, the bank announced a merger of the investment banking and trading division, as well as a pullback from consumer banking following investor criticism of its losses and escalating costs. 

Solomon hinted at the coming cuts at the bank’s financial services conference last week. “We continue to see headwinds on our expense lines, particularly in the near term,” he said. 

He further said the bank has set in motion certain expense mitigation plans, but it will take some time to realise the benefits. 

Read More

Did you find this article helpful?


You Might Also Like

Meta begins last lay off round, cuts 10,000 jobs

NEWS • 25th May 2023 • 2 Min Read

Meta begins last lay off round, cuts 10,000 jobs

Strategic HR#HRCommunity#HRTech#Layoffs
Meta to shed staff in partnership, marketing units

NEWS • 24th May 2023 • 3 Min Read

Meta to shed staff in partnership, marketing units

Strategic HR#HRCommunity#HRTech#Layoffs
Disney to cut 2,500 jobs in third round of layoffs

NEWS • 23rd May 2023 • 2 Min Read

Disney to cut 2,500 jobs in third round of layoffs

Strategic HR#HRCommunity#HRTech#Layoffs
NEXT STORY: WHO names Jeremy Farrar as chief scientist

Trending Stories

  • design-thinking-hr

    Amazon to Walmart: 12 firms that restricted employee use of ...

  • design-thinking-hr

    CEO Musk encourages layoffs in tech industry, drawing from T...

  • design-thinking-hr

    Leaked Q&A unveils Zuckerberg's bittersweet goodbye as Meta'...

  • design-thinking-hr

    Top 3 mistakes global companies make when onboarding employe...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Submission Guidelines

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.