Goldman Sachs Reinstates Layoffs

In the wake of  tough economic environment in the year ahead, Goldman Sachs has planned to layoff thousands of employees from their respective positions, according to Reuters.

The exact number of layoffs isn't publicly announced by Goldman Sachs as they declined to comment over it.

Hundreds of jobs are also likely to be reduced from Goldman Sachs’ loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus, the sources said. The bank’s chief executive David Solomon sent a year-end voice memo to staff warning of a headcount reduction in the first half of January, two separate sources said. 

The bank had commenced its annual job-cutting program in September which had been put on hold for two years during the pandemic. The Wall Street giant typically trims about 1% to 5% of its staff each year.