According to two people familiar with the decision, Goldman Sachs Group will begin laying off thousands of employees starting on Wednesday as it braces for a challenging economic climate.
The procedure will likely start at the major provider of financial services in the middle of the week, and no more than 3,200 individuals will be impacted, according to the article, which cited a source.
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Since the material had not yet been made public, the sources could not be identified. Goldman Sachs opted not to respond. One of the sources estimated that little over 3,000 jobs would be lost, but the exact figure is still unknown.
One of the individuals stated that the layoffs should primarily target Goldman Sachs’ investment banking division, though they are likely to hit most of the bank’s major departments. In response to the erratic nature of the world’s financial markets, institutional banks have seen a significant slowdown in business transactions.
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Following the company’s decision to scale back ambitions for its direct-to-consumer unit Marcus, hundreds of jobs are also likely to be cut from Goldman Sachs’ loss-making consumer division, according to the sources.
