Mass Layoffs Coming
This is not good.
It has just been learned that Goldman Sachs is planning to fire around 8% of their workforce due to what they claim is an uncertain economic environment.
According to Fox, this new announcement of layoffs is just another sign that investment banking revenues have dropped dramatically this year.
It was estimated that Goldman Sachs currently employs 49,100 people and will likely as a result cut 4,000 workers from their company.
In a recent conference, CEO David Solomon explained, “We continue to see headwinds on our expense lines, particularly in the near term. We’ve set in motion certain expense mitigation plans, but it will take some time to realize the benefits.”
Soloman said that Goldman Sachs “will remain nimble and we will size the firm to reflect the opportunity set.”
