Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment in the year ahead.
The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined.
The sources could not be named as the information was not yet public disclosure. Goldman Sachs declined to comment.
Bloomberg News reported on Sunday that Goldman would eliminate about 3,200 positions.
Goldman had 49,100 employees at the end of the third quarter, after adding significant numbers of staff during the coronavirus pandemic.
The layoffs are likely to affect most major divisions of the banks but should centre on Goldman Sachs’ investment banking division, one of the sources said.
Institutional banks have suffered a major slowdown in corporate dealmaking activity as a result of volatile global financial markets.
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