Goldman Sachs will lay off more than 3,000 people. The rest round off bonuses significantly
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The process of layoffs should begin in the middle of this week, with more than a third of the resigning employees leaving key retail and banking divisions, Blomberg writes, citing its sources.
The bank is also due to disclose the results of its new credit card and loans division, which is expected to post a pre-tax loss of more than $2 billion, according to Bloomberg.
Goldman Sachs has grown significantly in recent years. Since the end of 2018, the number of employees has increased by 34 percent to 49,100 at the end of the third quarter of last year. Despite layoffs, the bank plans to continue recruiting staff in certain departments, such as alysts.
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Along with other banks, Goldman Sachs is paying extra for the uncertain economic outlook, which is forcing many companies to reconsider their plans, including upcoming IPOs, during which the bank advises the companies. The fall in the value of shares and other assets has destroyed another potential source of income for the bank. The Marcus-branded retail division also posted unexpectedly high losses.
In the third quarter of last year, Goldman Sachs’ revenues fell 12 percent year on year, and even 57 percent in investment banking. Alysts estimate that the bank’s profits fell 46 percent last year.
Goldman Sachs will announce layoffs before the announcement of last year’s fincial results, which is scheduled for January 17. And also before the deadline when the payment of bonuses for the past year is traditiolly stipulated. At the same time, a significant reduction in bonuses for the remaining employees is expected. That being said, the awards for 2021 have been extremely generous.
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Source: E15