49,000-strong global workforce will shrink by thousands as Gold Sachs begins a sweeping cost-cutting drive.
About 3,000 Gold Sachs staff will likely lose their jobs as many staff members brace for the news as to whether they will be able to keep their jobs.
Gold Sachs’s under-fire investment banking arm will face the deepest cuts in the long-anticipated jobs cull at the wall street titan. This represents the biggest contraction in headcount since the financial crisis.
Gold Sachs completed cutting back its private wealth management unit and 11 private bank staff in its Hong Kong and Singapore offices were let go.
Gold Sachs will also take a broader spending review in corporate travel and expenses as it counts the costs of a huge slowdown in corporate dealmaking and a slump in capital markets activity since the war in Ukraine according to the Financial Times.
Annual bonus payments will be cut this year to reflect the depressed market conditions, with payouts expected to fall by about 40 percent.
Gold Sachs earned 77 billion dollars in 2022, down from 132.3 billion dollars one year earlier according to Dealogic data.
Gold Sachs Staff In Asia Let Go As Global Jobs Cull Begins
I'm a senior member at Forsige covering topics on diplomacy and foreign policy relating to Asia and the World.