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Goldman Sachs Group Inc. is preparing for job cuts, and it is reportedly happening this month. The New York-headquartered Investment banking company was forced to lay off workers due to a slowdown in deals and shaky economic conditions.
As per Reuters, Goldman Sachs reported in July that its earnings dropped because of the unfavorable economic situation these days. Workers can expect the layoffs to take place as early as this month. It was mentioned that it is common for the company to shed about one percent to five percent of its workforce every year.
For this year, a source who is familiar with the matter said that Goldman Sachs is likely to eliminate employees in the lower group. Some of the workers may already be cut next week.
It was said that the company's total workforce ballooned to 47,000 at the end of June. This is 15% more compared to last year in the same period.
The one to five percent staff reduction could mean the termination of around 500 to a thousand workers. Goldman Sachs is trying to cut expenses and halt hiring as its economic outlook has worsened recently.
"Banks will likely continue to be under pressure to cut costs where they can and layoffs and slowdowns in hiring are quite possible," Carson Group's chief market strategist, Ryan Detrick, said in a statement.
In any case, the bank said it suffered from a 48% slump in quarterly profit. It was noted that with banks reporting drops in revenues, the risk of recession in the U.S. is also looming, so with this situation, the Federal Reserve is aggressively raising interest rates to stem inflation.
"No question that the market has gotten more challenging," The New York Times quoted Goldman Sach's chief executive officer, David M. Solomon, as saying during a conference call in July. "We have made the decision to slow hiring velocity and reduce certain professional fees going forward."
He added, "We are keeping in mind, however, that while we're being disciplined about our expenses, we are not doing so to the detriment of our client franchise or our growth strategy."
