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Goldman Sachs to Conduct Mass Layoffs Involving Top Executives due to Failed Expectations, Followed by Morgan Stanley

iconMay 31, 2023 17:36
Source:财联社
According to people familiar with the matter, Wall Street giant Goldman Sachs is preparing to start a new round of layoffs, which will affect a series of employees including managing directors and other executives.

According to people familiar with the matter, Wall Street giant Goldman Sachs is preparing to start a new round of layoffs, which will affect a series of employees including managing directors and other executives.

It is reported that the layoffs will affect about 250 jobs. The layoff time has not been determined, but it should be carried out within a few weeks.

It also marks three rounds of layoffs at Goldman Sachs in less than a year.

The company cut about 3,200 jobs in January, or about 6% of its workforce. The bank had about 45,000 employees in the first quarter.

The new round of layoffs is largely the result of a still-subdued trading environment. Executives at Goldman Sachs and other investment banks had expected a rebound in investment banking in the first half of the year, but that has not materialised.

The recent regional banking crisis, Fed rate hikes to curb inflation and fears of a recession all have the potential to prolong this sluggish environment.

Last quarter, Goldman Sachs' trading and investment business performed poorly, and investment banking revenue remained weak, down 26% year-on-year; compared with other banks, Goldman Sachs' trading business was also unusually weak.

In addition, Morgan Stanley, another big Wall Street bank, is also planning a major layoff plan. This quarter, it is expected to lay off about 3,000 people. This is the bank's second round of layoffs in six months.

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