Goldman Sachs is cutting jobs again amid Wall Street deals slump
Wall Street firms are adjusting to a slump in deal activity as Goldman Sachs prepares for its third round of layoffs since September. A person with knowledge of the bank’s plans said Tuesday that the company expects to cut fewer than 250 jobs in the coming weeks. The CEO of Goldman Sachs, David Solomon, led the first major Wall Street firms to trim jobs in September, cutting a few hundred positions. Further job cuts were made in January, resulting in the release of about 3,200 employees. This month, Morgan Stanley announced about 3,000 job cuts and JPMorgan Chase cut about 500 jobs.
However, Goldman is more closely tied to Wall Street’s ups and downs than its rivals. Its combined 16% drop in first-quarter trading and advisory revenue contributed to a disappointing start to the year. According to the person, Goldman’s cuts will impact managing directors and some partners, who requested anonymity speaking about layoffs. This news was first reported in the Wall Street Journal on Tuesday morning. As of March 31, Goldman employed 45,400 people, a 6% decrease from the fourth quarter of 2022.