WATCH: Thousands of Goldman Sachs employees will be laid off by the firm starting Wednesday, two sources familiar with the move told Reuters
will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment.
The sources could not be named as the information was not yet disclosed publicly. Goldman Sachs declined to comment.Goldman had 49,100 employees at the end of the third quarter, after adding significantThe layoffs are likely to affect most of the bank's major divisions, but should centre on Goldman Sachs' investment banking arm, one of the sources said. Wall Street banks have suffered a major slowdown in corporate dealmaking activity as a result of volatile global financial markets.
The bank's chief executive David Solomon sent a year-end voice memo to staff warning of a headcount reduction in the first half of January, two separate sources said. Goldman Sachs declined comment on the memo.The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange in New York City, New York, U.S., November 17, 2021.
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