After a difficult year, Goldman Sachs is forced to make major staff cuts: According to media reports, the New York bank wants to cut around 3,200 jobs, which would correspond to more than 6 percent of the workforce.
According to the latest information, Goldman had 49,100 employees.
A large part of the affected employees should therefore be informed on Wednesday.
Roland Lindner
Business correspondent in New York.
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For the company, it would be the largest job cuts since the financial crisis around 2008. However, it would be less than feared in the meantime.
In recent weeks there has been speculation that up to 4,000 jobs could fall victim to an upcoming austerity program.
Even after the layoffs, Goldman Sachs would still have significantly more employees than before the pandemic.
The bank has hired heavily in recent years, and at the end of 2019 it still had 38,300 employees.
The Goldman Sachs job cuts are affecting fewer workers than recent rounds of layoffs at some big tech companies like Amazon and Meta, each involving more than 10,000 jobs.
But they are the biggest cuts among American banks in recent memory.
Competitor Morgan Stanley initiated the reduction of 1,600 jobs in December, which corresponded to around 2 percent of the workforce.
Goldman Sachs is particularly concerned at the moment, as the bank reported a 44 percent fall in profit for its most recent fiscal quarter, underperforming most of its peers.
Among other things, it is struggling with a significant slowdown in the M&A advisory business.
In addition, the private client business that she has been pushing under the "Marcus" brand name in recent years has brought in high losses, and she recently merged it with her wealth management division, which was seen as a departure from the once ambitious plans.
Beyond the downsizing, bonus payments for Goldman bankers for the past year, which are about to be determined, are expected to be significantly lower this time.