Goldman chief executive David Solomon has been vocal about economic headwinds the bank faced as deal making dried up.
Goldman Sachs is cutting thousands of jobs as revenues have taken a hit following the drying up of deal making in the post-pandemic months. Multiple media reports said the investment bank is likely to cut as much as 8 percent of its global workforce.
The layoff will affect more than 4,000 people. Goldman Sachs had nearly 50,000 employees as of the end of the third quarter. Sources said even after cutting thousands of jobs, the bank will have more than its pre-pandemic staff strength, according to Reuters. According to a filing, the workforce stood at 38,300 at the end of 2019. .
The bank is still finalising the details of the layoff and officials did not comment on the development.
