Goldman Sachs Group Inc. announced that it plans more layoffs, as the difficult economic environment weighs on the conduct of operations. This was stated by the president of the bank.
John Waldron, Goldman’s president and COO, told investors at a conference that “the macroeconomic context is extraordinarily difficult”, without specifying the magnitude of the layoffs. The firm is expected to cut fewer than 250 jobs in the coming weeks, a source familiar with the matter told Reuters in May.
This new cut comes after Goldman shed some 3,200 employees in the first quarter, marking its biggest wave of layoffs since the 2008 financial crisis.
The criteria for choosing the people who will cease to belong to the company could be based on the levels of seniority and general managersadvanced the source.
Goldman had about 45,400 employees at the end of March, and had cut 500 jobs last year as well, but faced with tight budgets, the bank will continue the cuts this year.
The wave of massive layoffs began at the end of last year, concentrating on technology companies, which had grown significantly during the pandemic, since their growth was favored by the confinementbut with the return to normality, inflation and the threat of a recession, they have had to readjust.
The layoffs have spread to other industries and in the case of the financial sector, it has been affected by the rises in interest rates by the Federal Reserve in its attempt to control inflation and by Russia’s invasion of Ukraine, as it clouded the economic outlook.
Source: Ambito
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