Goldman Sachs bankers have nickname for layoff bloodbath planned by CEO
New York PostJan 09, 2023
Goldman Sachs will reportedly lay off as many as 3.2K employees this week, as the company actively looks to cut costs amid an uncertain economic and market climate.
Goldman had 49.1K employees at the end of the third quarter in October, after hiring substantial numbers of new employees during the COVID pandemic.
The layoffs at Goldman Sachs are necessary due to the company's many poor business decisions. Workers are being let down on multiple fronts. The recently announced layoffs will come on top of the usual job cuts and yearly fluctuations that the company experiences.
The Federal Reserve and other central banks' aggressive raising of interest rates to rein in inflation led to the current layoffs. Companies are looking to cut costs in case interest rate hikes cause a global recession and decrease the appetite for Goldman's key business functions like mergers and acquisitions and Initial Public Offerings. These layoffs were inevitable in the current economic and market climate.