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Goldman Sachs Starts Job Cuts – Media

Editorial Staff

12 January 2023

Goldman Sachs, which late last year planned to shed staff and cut costs, has started on its reductions this week, according to Reuters.

About a third of those affected come from the investment banking and global markets division, an unnamed source told the newswire. The report did not specifically state whether wealth management roles at the US firm are affected. However, the report did say that most of the bank’s major divisions are covered by the reductions.

The report said that more than 3,000 roles will go.

"We know this is a difficult time for people leaving the firm," the report quoted Goldman Sachs as saying. 

"We're grateful for all our people’s contributions, and we're providing support to ease their transitions. Our focus now is to appropriately size the firm for the opportunities ahead of us in a challenging macroeconomic environment,” it added.

The cuts come as US banks are due to begin reporting their fourth-quarter and full-year 2022 financial results from tomorrow.