NEW YORK/LONDON/HONG KONG - Goldman Sachs began laying off staff on Wednesday (Jan 11) in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said. The long-expected jobs cull at the Wall Street titan is expected to represent the biggest contraction in headcount...
A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, on April 16, 2012.NEW YORK/LONDON/HONG KONG - Goldman Sachs began laying off staff on Wednesday in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said.
Just over 3,000 employees will be let go, the source, who could not be named, said on Monday. A separate source confirmed on Wednesday that cuts had started. Last year was challenging across groups including credit, equities, and investment banking broadly, said Paul Sorbera, president of Wall Street recruitment firm Alliance Consulting. "Many didn't make budgets."The latest cuts will reduce about 6per cent of Goldman's headcount, which stood at 49,100 at the end of the third quarter.
The reductions come as US banking giants are forecast to report lower profits this week. Goldman Sachs is expected to report a net profit of $2.16 billion in the fourth-quarter, according to mean forecast by analysts on Refinitiv Eikon, down 45 per cent from $3.94 billion net profit in the same period a year earlier.
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