Goldman Sachs cutting more than 3,000 jobs following cost review

Layoffs have reportedly begun at Goldman Sachs, as the global investment bank remains concerned about a further economic slowdown in 2023.

According to multiple news outlets, including Reuters, the company plans to eliminate more than 3,000 jobs in a bid to reduce costs.

Around a third of the cuts affect staff working for Goldman Sachs’ investment banking and global markets division.

A person familiar with the matter told CNBC on Jan. 9 that the size of the reduction is the result of internal discussions between business heads and top management at the bank throughout December.

Reports claim that the company employed a global workforce of more than 49,000 at the end of the third quarter.

Canadian impact

While a number of employees at Goldman Sachs’ China, Hong Kong, and Singapore offices have reportedly been let go, it remains unclear if Canadian workers are affected by the reduction.

In addition to the layoffs, Reuters claims that the global investment bank is cutting its annual bonus payments to reflect current market conditions.

Payouts for staff this year are expected to fall roughly 40 per cent.

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