Goldman Sachs will lay off as many as 3,200 employees this week as an uncertain economic and market climate pushes the bank to hunt for cost savings, according to a person familiar with the matter.
More than a third of the job cuts are expected to be from the firm’s trading and banking units, the person said. Like its Wall Street rivals, Goldman Sachs has been hit by a slump in global dealmaking activity as fewer companies merge or seek to raise capital.
Hiring for roles in other areas will continue and the new analyst class will start later this year as planned, the person added added. News of the layoffs was first reported by Bloomberg.
The bank declined to comment.
[That’s not a great sign for 2023’s economy. — Ed]
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