Goldman Sachs is reportedly planning for a fresh round of layoffs. The US-based company is preparing to layoff 250 jobs in the coming weeks due to the sluggish market.
As reported by Reuters, the second round of job cuts is said to impact executives across seniority levels which include both partners and managing directors. Till the end of March Goldman had 45,400 employees. In the first quarter, Goldman Sachs laid off 3,200 employees in its biggest round of layoffs since the 2008 financial crisis. Last year the company fired 500 employees.
The recent increase in interest rates by the Federal Reserve, coupled with the economic uncertainties arising from the war in Ukraine, has resulted in a significant decline in dealmaking activities. Investment banks have been particularly impacted by this downturn.
Along with Goldman Sachs, another company Morgan Stanley is also planning to reduce 3,000 jobs in the second quarter. This marks the second round of layoffs for the company within a six-month period. Similarly, Lazard Ltd has also announced its intentions to reduce its workforce by 10% as part of its efforts to adapt to the current market conditions.
JPMorgan to layoff 500 employees
Meanwhile, the largest US lender, JPMorgan and Chase is also planning to cut 500 jobs this week. The layoffs are expected to affect employees across departments. Reuters has reported that JPMorgan’s forthcoming layoffs will impact employees across the bank’s key divisions, including consumer banking, commercial banking, asset and wealth management, as well as technology and operations. However, the company has not made any official statement regarding these impending job reductions at this time.
As reported by Reuters, the second round of job cuts is said to impact executives across seniority levels which include both partners and managing directors. Till the end of March Goldman had 45,400 employees. In the first quarter, Goldman Sachs laid off 3,200 employees in its biggest round of layoffs since the 2008 financial crisis. Last year the company fired 500 employees.
The recent increase in interest rates by the Federal Reserve, coupled with the economic uncertainties arising from the war in Ukraine, has resulted in a significant decline in dealmaking activities. Investment banks have been particularly impacted by this downturn.
Along with Goldman Sachs, another company Morgan Stanley is also planning to reduce 3,000 jobs in the second quarter. This marks the second round of layoffs for the company within a six-month period. Similarly, Lazard Ltd has also announced its intentions to reduce its workforce by 10% as part of its efforts to adapt to the current market conditions.
JPMorgan to layoff 500 employees
Meanwhile, the largest US lender, JPMorgan and Chase is also planning to cut 500 jobs this week. The layoffs are expected to affect employees across departments. Reuters has reported that JPMorgan’s forthcoming layoffs will impact employees across the bank’s key divisions, including consumer banking, commercial banking, asset and wealth management, as well as technology and operations. However, the company has not made any official statement regarding these impending job reductions at this time.
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