Goldman Sachs Layoff: There is going to be a large-scale layoff at Goldman Sachs. In the annual review process, it has decided to lay off 3-4 percent of the employees, that is, about 1300-1800 employees will be laid off.
According to the Wall Street Journal (WSJ) report, layoffs have started recently and will continue. Its blow will be on many divisions of the bank. Goldman Sachs spokesperson Tony Fratto says that the annual talent review is normal and a standard process. However, he also said that despite this layoff, the number of employees at the end of December 2024 will be higher than at the end of last year 2023.
Goldman Sachs lays off 2-7% of its employees every year
Layoffs are nothing new in Goldman Sachs. As part of its annual review process, 2-7 percent of employees have been laid off. The number of employees to be laid off is decided according to the bank’s financial outlook and market conditions. In January last year, Goldman Sachs laid off 6 percent of its employees. After this, layoffs took place in May. Now if we talk about this year, preparations are being made for layoffs again.
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What is the atmosphere in the market?
The layoffs that take place every year at Goldman Sachs depend not only on the financial outlook but also on market conditions. Earlier this month, Goldman Sachs revised its outlook on the possibility of a recession from 25% to 20%. This reduction has been made on the basis of better retail sales figures and good employment figures. The bank’s economists have indicated that if the employment report on September 6 is even better, the possibility of a recession can be further reduced to 15%. About a year ago, the possibility of a recession was the same.
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