Goldman Sachs is laying off 125 executive directors globally.
Goldman Sachs is preparing for a new wave of layoffs.
Goldman Sachs has begun laying off general managers around the world while reducing staff numbers due to a decline in M&A deals, according to people familiar with the matter who spoke to Bloomberg.
As the layoffs have not yet been made public, an anonymous source said that about 125 chief executives would lose their jobs, some of them in investment banking. The people in question said that not all of the layoffs have taken place yet,
These moves are considered part of a deep cost-saving effort at the bank, which has experienced at least three layoffs in less than a year.
Goldman Sachs and other banks, which increased hiring in 2020 and 2021 due to an increase in mergers and acquisitions and initial public offerings, were negatively impacted by falling fees as they paused their deal process.