Goldman Sachs Plans To Lay Off MDs Globally
The Goldman Sachs Group, an American multinational investment bank, and financial services firm, is looking into laying off about 125 Managing Directors across the globe as the group faces deal slumps. This decision will lead to deep cost-savings drive at the global investment banking firm, amid three job-cut rounds in the past year.
Several banks including Goldman Sachs had ramped up hiring in 2020 and 2021 amid a wave of mergers and acquisitions, and IPOs now battle with falling fees as negotiations stall.
In January, the group let go of more than 3,000 employees in a single day after calling them for a meeting at its New York headquarters.
The company's deal value has fallen more than 40 per cent. According to a Bloomberg report, in the last month, veterans of Goldman Sachs have been employed by the competitors, including Wells Fargo &Co., Banco Santander SA, and Evercore Inc.
In response to the slowdown in dealmaking, Wall Street banks have been shedding staff since late last year as these circumstances have negatively impacted their earnings.
