Goldman Sachs to Cut Thousands of Employees as Economy Sputters

FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo
December 16, 2022

NEW YORK (Reuters)—Goldman Sachs Group Inc is planning to cut a couple of thousand employees to navigate a difficult economic environment, a source familiar with the move said.

The Wall Street bank had 49,100 employees at the end of the third quarter this year, after adding significant numbers of staff during the pandemic. Headcount will remain above pre-pandemic levels, which stood at 38,300 at the end of 2019, the source said.

News platform Semafor earlier reported on Friday that Goldman Sachs Group will lay off up to 4,000 people as the Wall Street bank struggles to meet profitability targets, citing people familiar with the matter. Goldman Sachs declined to comment.

(Reporting by Saeed Azhar and Lananh Nguyen; additional reporting by Noor Zainab Hussain; Editing by Chizu Nomiyama)