In an already unstable economy, the announcement of Goldman Sachs' layoffs shook the sector. According to the most recent sources, Goldman Sachs will start firing this week, specifically on or around Wednesday.
At this time, it's anticipated that Goldman Sachs layoffs may affect thousands of workers at the investment banking division, according to a Bloomberg report.
A rough estimate of 3,200 jobs will be eliminated at Goldman Sachs, although the precise figure won't be known for some time.
Approximately 49,100 people were employed by Goldman Sachs at the conclusion of the third quarter (Q3), according to the study, and the business also engaged in mass hiring when the COVID-19 epidemic hit.
However, because the world economy is gradually heading towards a recession, the majority of banks' key business units are projected to be affected by the huge layoffs.
The article also notes that the institutional banks have experienced a significant slowdown in corporate agreements as a result of the erratic international financial markets, which is another factor contributing to these enormous layoffs.
Due to Goldman Sachs' loss-making consumer division scaling back ambitions for its direct-to-consumer unit Marcus, several positions are anticipated to be eliminated as well.
The employment cuts at Morgan Stanley and other key competitors coincide with the layoffs at Goldman Sachs in an effort to reduce losses and trim back.
Experts predict that even in 2023 businesses would be forced to make employment cuts as the economy may slow down on multiple fronts.
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