Goldman Sachs Group Inc (GS.N) is planning to cut thousands of employees to navigate a difficult economic environment, a source familiar with the matter said.
The layoffs are the latest sign that cuts are accelerating across Wall Street.
Goldman Sachs had 49,100 employees at the end of the third quarter this year, after adding significant numbers of staff during the pandemic. Headcount will remain above pre-pandemic levels, the source said. The company’s staffing stood at 38,300 at the end of 2019.
The latest plan would include hundreds of employees being cut from the consumer business, the source said. Goldman signaled it was scaling back its ambitions for Marcus, the loss-making consumer unit, in October.
Goldman Sachs plans to stop originating unsecured consumer loans, a source familiar with the move told Reuters earlier this week, another sign the bank was stepping back from the consumer business.
Semafor reported earlier on Friday that Goldman Sachs Group will lay off up to 4,000 people as the Wall Street bank struggles to meet profitability targets, citing people familiar with the matter.