The economic uncertainty in the United States continues to cause noise in the business sphere, causing massive layoffs in all industries, such as in the financial sector, because according to information from Reuters, Goldman Sachs is aiming to eliminate some 250 more positions.
According to a source close to the situation and who asked to remain anonymous because it is non-public information, the financial institution plans to eliminate that number of jobs in the coming weeks.
According to the informant, the main reason for the measure is in response to a slow market that makes it difficult to materialize agreements, especially in investment banking.
This new cut comes after Goldman shed about 3,200 employees in the first quarter, marking its biggest wave of layoffs since the 2008 financial crisis.
The criteria for choosing the people who will cease to belong to the company could be based on the levels of seniority and general managers, the source said.
Goldman had about 45,400 employees at the end of March, and had cut 500 jobs last year as well, but faced with tight budgets, the bank will continue the cuts this year.
The wave of massive layoffs began at the end of last year, concentrating on technology companies, which had grown significantly during the pandemic, since their growth was favored by the confinement, but with the return to normality, inflation and the threat of a recession, have had to readjust.
The layoffs have spread to other industries and in the case of the financial sector, it has been affected by the rises in interest rates by the Federal Reserve in its attempt to control inflation and by Russia’s invasion of Ukraine, as it clouded the economic outlook.
3M, Morgan Stanley, Dropbox, Walt Disney and Gap have been among the latest to take similar steps, joining the 1,464 companies that have sacrificed their workforce this year, according to data from intelligence.com.
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