News Desk
NEW YORK: Goldman Sachs Group will be starting thousands of layoffs across the firm from Wednesday as it prepares for a tough economic environment in the year ahead, reported Reuters citing anonymous sources.
The job cuts are expected to be just over 3,000 but the exact number is yet to be determined, said the sources.
Bloomberg News reported earlier that Goldman would cut down about 3,200 jobs. The bank had 49,100 employees at the end of the third quarter after it significantly increased its staff during the coronavirus pandemic.
Layoffs to mainly focus on investment banking division
The layoffs were expected to target most of the major divisions of the bank, but they would mainly focus on its investment banking division, one of the sources said.
Institutional banks have been facing a major slowdown in corporate dealmaking activity due to the volatile global financial markets.
