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Goldman Sachs prepares to lay off almost 4,000 employees
By Brooke Masters and Stephen Morris
Financial Times, London
Friday, December 16, 2022
Goldman Sachs is preparing to lay off as many as 3,900 employees starting in January as chief executive David Solomon seeks to boost the bank's profitability amid economic headwinds.
The plans are still being drawn up, and it is possible that the current target for a cull of "up to 8%" of its 49,000 global workforce will be slimmed down if the business outlook improves, according to three people familiar with the discussions.
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Wall Street is contending with sharply reduced dealmaking and capital markets activity after a bumper 2021 that resulted in big hiring surges and large bonuses. Investment banking fees have tumbled 35% in the year to date, according to Refinitiv data.
Goldman is under particular pressure to improve margins because Solomon is trying to improve the bank's stock market valuation, which has lagged behind peers such as Morgan Stanley for years. ...
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