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

PM Modi: India poised to lead next tech wave

PM Modi underscored that the country is poised to lead the next wave of digital transformation in 5G…reports Asian Lite News Prime Minister Narendra Modi on Wednesday hailed India’s progress in expanding

India Hits 100GW Solar

The expansion is not only in scale but also in quality, with significant capacity dedicated to high-efficiency modules. Many manufacturers have adopted vertically integrated operations, enhancing quality, reducing costs, and improving resilience

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among younger global consumers, helping Indian jewellers appeal to a wider

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics
Go toTop

Don't Miss

Goldman Sachs exits partnership with Apple

Apple launched its credit card in partnership with Goldman Sachs

Goldman Sachs unveils layoff plan

Investment banks had enjoyed a boom year in 2021, as