Goldman Sachs plans to fire up to 4,000 workers, accounting for 8% of its workforce

As Goldman Sachs seeks to boost the bank’s profitability, the company is looking at laying off up to 4,000 workers.

Screen Shot 2022-12-17 at 10.37.53 AM

The plans that are still in the works could see up to 4,000 workers being laid off, or about 8% of its workforce. 

As of September 2022, the company had 49,100 workers at the investment banking firm globally.

Since 2019, nearly 10,000 workers had been added to the company in a hiring spree. In 2019, the workforce stood at 38,300.

However, if the business outlook changed and improves, the company may reduce the number of layoffs.

According to the Financial Times, the bank experienced a 44% reduction in net profits in the first nine months of 2022, which caused the firm to not meet its 14% return on tangible equity target.

Altogether, this has caused the firm shares to fall nearly 10% this year.

Support Quality Journalism.

Independent journalism is important now more than ever. The role of journalists in our society is one of watchdogs. One cannot be a watchdog when they are on the government’s payroll. 

Make a donation today and support quality,  independent journalism. 

Share this story: