On Tuesday, informed sources reported that Goldman Sachs intends to lay off less than 250 employees in the coming weeks, amid the slowdown in the deal market. This negatively affected banking and investment services.
The sources added that the next wave of layoffs includes partners and a number of managing directors, and Goldman Sachs had about 4,500 employees until the end of last March.
This step comes after the bank reduced the number of its employees by about 3,200 in the first quarter of this year, in the largest wave of layoffs since the global financial crisis in 2008, in addition to reducing nearly 500 jobs during the past year.
Dennis Coleman, CFO of Goldman Sachs, indicated last February that the bank intends to improve its efficiency ratio by reducing the number of employees by not replacing those who leave the service, in addition to reducing a number of other expenses, and the bank’s plans included reducing salaries by about $ 600 million. .
Goldman Sachs had set a medium-term target for its efficiency ratio at 60 percent, compared to 68.7 percent at the end of last March.
The investment banks were affected by the decline in concluding acquisition and merger deals, following the Federal Reserve (US Central Bank) raising interest rates to tame inflation, in addition to the ambiguity of economic conditions as a result of the Russian-Ukrainian war.
(Reuters)
2023-05-30 23:55:46
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