BIG LOSSES

Goldman Sachs to Slash 3,000+ Jobs This Week: Report

The megabank’s layoffs are expected to affect the majority of the firm’s major divisions.

Goldman Sachs will start laying off thousands of workers on Wednesday, according to reports, as the bank braces for a difficult year in 2023. Bloomberg News on Sunday said around 3,200 staff would lose their jobs, though the firm has yet to confirm the total scale of the cutbacks. A source told Reuters that the headcount reduction would probably affect most major divisions of Goldman but should center on the firm’s investment banking division. The company had over 49,000 staff at the end of third quarter of the 2022 after a hiring spree throughout the pandemic. Last month, CEO David Solomon warned in his annual year-end memo that mass layoffs would be on the way in January.