Goldman Sachs plans to lay off up to 3,200 employees, as it faces a challenging economy, a downturn in investment banking, and struggles in retail banking. It is one of the biggest rounds of layoffs at Goldman since the 2008 Global Financial Crisis.
The Goldman Sachs logo is seen at the New York Stock Exchange in New York City on Sept. 13, 2022. Goldman is laying off up to 3,200 employees as it faces a more challenging business environment.The Goldman Sachs logo is seen at the New York Stock Exchange in New York City on Sept. 13, 2022. Goldman is laying off up to 3,200 employees as it faces a more challenging business environment.At Goldman Sachs, the New Year is starting with thousands of job cuts.
"Wall Street is still Wall Street, and that means a very intensive environment, making money for their customers and the firm, having high intensity and adjusting on a dime as conditions change," says Mike Mayo, an analyst with Wells Fargo who has covered commercial banks for decades.Goldman CEO David Solomon has been emphasizing the difficulty of this current economic environment.
Goldman CEO David Solomon listens during the Milken Institute Global Conference in Beverly Hills, Calif., on May 2, 2022.In October, Goldman announced a broad restructuring plan. It combined trading and investment banking into one unit and created a new division that is focused on the company's digital offerings.
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