September 14, 2022
1 min read

Banking major Goldman Sachs set to cut jobs

Goldman Sachs declined to comment, but had mentioned reduced profits in an earning report in July….reports Asian Lite News

Banking major Goldman Sachs is expected to layoff hundreds of workers, local media reported.

The cuts at the financial investment firm could begin as early as next week and impact employees across the company, BBC reported.

Goldman Sachs declined to comment, but had mentioned reduced profits in an earning report in July.

“We have made the decision to slow hiring velocity,” the company’s chief financial officer, Denis Coleman, had said at the time, BBC reported.

The investment bank had warned it might have to cut expenses as the economic outlook worsens.

It reported a 48 per cent slump in its second quarter profit as its clients face inflation, rising interest rates, the Coronavirus pandemic and war in Ukraine.

Its investment banking division generated revenues of $2.1 billion, down 41 per cent compared to a year ago.

Coleman also said the firm is considering, “reinstating our annual performance review of our employee base at the end of the year, something that we suspended during the period of the pandemic for the most part and just being much more disciplined and focused on utilisation efficiency of our human capital resources”.

“There is no question that the market environment has gotten more complicated and a combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence,” according Goldman Sachs Chief Executive David Solomon, BBC reported.

ALSO READ: India tries hard to bridge trade deficit amid challenges

Previous Story

‘Inflation, supply chain disruptions top risks for Asia’

Next Story

Punjab woos German investors

Latest from Business

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

Big Job Cuts Loom as AI Reshapes Work

The rise of AI and global economic uncertainties are key

Goldman Sachs unveils layoff plan

Investment banks had enjoyed a boom year in 2021, as