Goldman: Goldman Sachs is planning to cut 250 jobs – Times of India

Goldman Sachs Reportedly planning a new round of layoffs. The US company is preparing to cut 250 jobs in the coming weeks due to a sluggish market.
As reported by Reuters, the second round of job cuts This is said to affect senior level executives which include both partners and managing directors. Goldman had 45,400 employees as of the end of March. In the first quarter, Goldman Sachs laid off 3,200 employees in its biggest round of layoffs since the 2008 financial crisis. Last year, the company had laid off 500 employees.
A recent increase in interest rates by the Federal Reserve, coupled with economic uncertainties arising from the war in Ukraine, has led to a significant decline in dealmaking activity. Investment banks have been particularly affected by this downturn.
along with Goldman Sachs, another company Morgan Stanley It also plans to cut 3,000 jobs in the second quarter. This is the second round of layoffs for the company within a span of six months. Similarly, Lazard Limited has also announced its intention to reduce its workforce by 10% as part of its efforts to adapt to the current market conditions.
JP Morgan will lay off 500 employees
Meanwhile, the biggest US lenders, JPMorgan and Chase, are also planning to cut 500 jobs this week. The retrenchment is expected to affect the employees of the departments. Reuters has reported that JPMorgan’s upcoming layoffs will affect employees across key divisions of the bank, including consumer banking, commercial banking, asset and wealth management, as well as technology and operations. However, the company has not made any official statement regarding these impending job cuts at this time.