According to sources familiar with the subject, Goldman Sachs Group Inc. has begun laying off managing directors throughout the world as the bank shrinks its workforce amid a transaction slowdown.
The move was considered because the corporation was experiencing a deal slowdown, according to the report. According to reports, the corporation has chosen to fire off 125 managing directors, including those from the investment banking industry.
According to persons familiar with the subject, Goldman Sachs Group has begun laying off managing directors around the world as the bank cuts its workforce amid a transaction slowdown. The changes are part of the bank’s ongoing cost-cutting efforts, which have resulted in at least three rounds of layoffs in less than a year.
“About 125 managing directors, including some in investment banking, will lose their jobs,” a person was quoted as saying.
The decision was made with the bank’s “cost-savings drive” in mind. According to the report, the bank has undergone “three rounds” of job layoffs in the last year. Meanwhile, Goldman Sachs has not issued an official statement.
Goldman Sachs lay off workers earlier this month. According to reports, the bank laid off approximately 3,000 people or about 6% of its staff. The layoffs were caused by a variety of issues, including the economic recession and the bank’s recent push into consumer banking according to the reports.
