Proactive Investors - Goldman Sachs Group Inc (NYSE:GS) is reportedly set to cut up to 3,200 jobs in the coming days as it seeks to reduce costs in the face of a slowdown in investment banking and a retrenchment of its consumer bank, according to the Financial Times citing a person familiar with the matter.
The cuts, which represent about 6.5% of its roughly 49,000 workforce, are less severe than the worst-case scenario of 3,900 jobs that Goldman boss David Solomon and his management team had discussed late last year, the paper added
However, the scale of the cuts is reportedly one of the largest in the bank's recent history and more drastic than those planned by many of its peers.
It reflects, in part, how Goldman grew its headcount at twice the pace of the broader banking industry since the start of 2020 as it expanded into new areas and paused its annual cull of bottom-performing employees during the pandemic.
The cuts will affect the bank's consumer business, which is being scaled back, as well as its investment banking and trading operations, the FT said.
The article appears to be based on original intelligence unearthed by the Bloomberg financial news wire.