Legal Layoff News

Goldman Sachs to Initiate Fresh Round of Job Cuts: Here’s What You Need to Know
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

According to insiders familiar with the matter, Goldman Sachs is gearing up for a new round of job cuts targeting underperforming employees. This annual exercise, set to kick off in the coming month, typically reduces 1% to 5% of the company’s total workforce. This report delves into the specifics of this impending overhaul and its potential implications for the financial giant.

Goldman Sachs’ Ongoing Cost-Cutting Efforts: What’s New?
Goldman Sachs has a history of periodically trimming its workforce, but this year’s initiative seems to be mainly focused on streamlining its core investment banking and trading divisions. The bank is eyeing a modest 1% reduction in its overall headcount, which translates to approximately 440 job positions when considering its diverse array of roles, encompassing asset and wealth management and operational functions.

Maximize your job prospects and sign up for LawCrossing now.

  
What
Where


The Selection Process: Who’s on the Chopping Block?
Managers at Goldman Sachs have diligently compiled lists of employees who could potentially face dismissal. While specific criteria for selection remain undisclosed, it’s evident that underperformance will be a significant factor. This secretive process has left many employees on edge as they await their fate.

Accelerated Cost-Cutting Efforts at Goldman Sachs
The recent summons to Goldman’s managing directors, instructing them to take more drastic measures to curb expenses, underscores the urgency of the bank’s mission to slash $1 billion in costs. Executives are now scrutinizing even smaller expenditures and contemplating further job cuts as part of this cost-saving endeavor.

Don’t miss out on valuable salary information! Check out LawCrossing’s salary surveys today.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Previous Layoffs and Financial Challenges
Goldman Sachs’ workforce underwent a significant downsizing in the first quarter of the year, resulting in approximately 3,200 job cuts, marking the most significant reduction since the 2008 financial crisis. This austerity drive continued with an additional 250 job losses in May. The bank’s second-quarter profits took a hit, plummeting by 60%, primarily attributed to writedowns in its consumer businesses and real estate investments.

Conclusion
Goldman Sachs’ forthcoming round of job cuts is poised to impact its workforce again. As the financial powerhouse seeks to streamline its operations and rein in expenses, employees across various divisions are bracing themselves for potential layoffs. This move follows an already challenging year marked by significant layoffs and financial hurdles, emphasizing the bank’s commitment to achieving cost-saving targets.



Don’t be a silent ninja! Let us know your thoughts in the comment section below.



 

RELEVANT JOBS

Associate Attorney

USA-PA-Exton

ASSOCIATE ATTORNEY McKenna Snyder LLC, a law firm in Exton, PA has an immediate opening for an ex...

Apply now

Attorney

USA-MI-Sturgis

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Attorney

USA-MI-Coldwater

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Insurance Defense Trial Attorney/ Senior Counsel

USA-CA-San Francisco

Job description Trial Attorney - Personal Injury Defense Full Job Description Hickey Smith ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

SEARCH IN ARCHIVE

To Top