Investment bank Goldman Sachs is preparing to lay off up to 3,900 employees starting in January. The reason is that the bank has struggled financially this year.
Managers must have been asked to identify which of their employees are underperforming, the paper writes online semaphore.
David Solomon became CEO in 2018, and since then the company’s workforce has grown by a third. Now he wants to cut about 8 percent of the workforce, which is the equivalent of 4,000 employees globally.
Goldman Sachs is one of the largest investment banks and brokerage firms in the world. The company’s head office is located in New York, USA. to me The Financial Times The company’s shares are down 10 per cent this year.
Investing in Main Street banking in particular was a drain on the investment bank’s cash. They are now advertising that this will be closed.
The result of the third quarter showed that Goldman Sachs achieved a profit per share of $4.79 in the third quarter of 2019, compared to a profit of $6.28 per share in the same quarter of the previous year.
The quarterly result before tax was $3.7 billion higher than expected, but at the same time it showed a significant decrease compared to the previous year. Goldman Sachs’ revenues fell 12 percent from a year earlier and amounted to about $12 billion. The reason for the decrease is due to the sharp decrease in the number of initial offerings this year compared to 2021.
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