Goldman Sachs plans huge round of layoffs

Recently, Knowlesys Intelligence System has monitored hotspots about Goldman Sachs layoffs on Twitter, Facebook and other social media.

According to a CNBC report on January 9, 2023, people familiar with Goldman Sachs' plans revealed that the US investment bank Goldman Sachs plans to lay off 3,200 people, and the news will be announced as soon as this week.

Goldman typically cuts about 1% to 5% of its workforce each year, mostly for underperformers. The layoffs this year will be larger than usual due to an uncertain economic outlook and Goldman's headcount has grown in recent years. The layoffs represent about 6.5% of Goldman's total workforce, with more than a third likely to come from its core divisions. The last time Goldman Sachs had such a large-scale layoff dates back to the financial crisis in 2008. Goldman Sachs laid off about 3,000 people, accounting for about 10% of the total number of employees at that time.

Not only Goldman Sachs, but also many Wall Street financial institutions, including Morgan Stanley and Citigroup, have been laying off employees in recent months, because the enthusiasm for transactions on Wall Street has gradually subsided due to factors such as high interest rates and soaring inflation.

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