Goldman Sachs is set to undergo its third round of layoffs since September as the firm adjusts to a slowdown in deals activity. The New York-based bank is expected to reduce less than 250 jobs in the coming weeks. This follows previous job cuts in September, which affected a few hundred positions, and a more significant reduction of around 3,200 employees in January. Other major Wall Street firms, including Morgan Stanley and JPMorgan Chase, have also recently announced job cuts as they navigate challenging market conditions.
Goldman Sachs, under the leadership of CEO David Solomon, is particularly affected by the fluctuations in Wall Street’s performance. The bank experienced a combined 16% drop in first-quarter trading and advisory revenue, contributing to a disappointing start to the year. The upcoming layoffs are anticipated to impact managing directors and some partners within the firm.
As of March 31, Goldman Sachs had a total employee count of 45,400, reflecting a 6% decline from the previous quarter. These workforce adjustments demonstrate the ongoing efforts by financial institutions to adapt to changing market dynamics and optimize their operations in response to evolving business conditions.