Goldman plans round of lay-offs as dealmaking dries up

Review of underperforming bankers threatens hundreds of jobs

Goldman Sachs is planning to implement a round of lay-offs in the coming weeks that threatens to result in hundreds of job losses among the bank’s employees, according to a person briefed on the matter.

At the end of June, Goldman had about 47,000 employees across investment banking, trading, asset and wealth management, consumer banking and operational functions. It reflects the feast-or-famine nature of the banking industry, with the planned cull coming after a blockbuster year of profits in 2021 for the sector.In investment banking, Goldman’s revenues in the first six months of 2022 were down 38 per cent year on year, a smaller drop than at peers JPMorgan Chase and Morgan Stanley. Revenues have fallen 83 per cent in asset management, while the bank is conducting a review of its lossmaking consumer division.

Compensation and benefits are the biggest expense item for banks such as Goldman. For its revenue-generating employees, the bulk of pay typically comes in the form of year-end bonuses, giving the bank flexibility to lower costs in a fallow year.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

FT /  🏆 113. in UK

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Review: The Preston City Centre tapas restaurant that deserves its Fino ratingsThe lunchtime offer was three tapas for £12.33 It's that time again, where, on behalf of Blog Preston, I drag my 76-year-old mother Yvonne to Preston's bes
Read more »

Mazda CX-60 review: Plug-in SUV is gunning for premium rivalsMazda CX-60 review: Plug-in SUV with price, spec and performance to challenge premium players
Read more »

Councillors review progress on Lancashire’s Warm and Welcome Places schemeSmart metre Pic: Lancashire County Council Vital work to support households this autumn and winter has been discussed by Lancashire County Council's cabine
Read more »

Review: Metal: Hellsinger is head-banging, high score chasing excellenceExcellent music and unique weapons make for your next high-score chasing edition…
Read more »

The prevalence and spectrum of neurological and psychiatric presentations of human monkeypox infectionThe prevalence and spectrum of neurological and psychiatric presentations of human monkeypox infection QMUL Cambridge_Uni EdinburghUni KingsCollegeLon monkeypox infection virus disease neurology
Read more »