Goldman to Cut About 3,200 Jobs

Goldman Sachs plans to cut about 3,200 jobs, primarily from its core banking and trading units, marking one of the largest layoffs in its history. This move is part of a broader trend of job cuts across Wall Street, driven by declining investment banking revenues and a looming recession. The timing of these cuts coincides with year-end compensation discussions, suggesting reduced bonuses for remaining employees. Additionally, Goldman faces financial challenges from its retail banking ventures, with significant losses expected from a newly created unit. Despite these cuts, the firm plans to continue hiring and onboarding new analysts.

What are the core banking and trading units expected to contribute to the job cuts?

What is the estimated number of jobs Goldman Sachs plans to eliminate?

What did CEO David Solomon indicate about the future job situation in his message to staff?

How does the current job cut situation at Goldman Sachs compare to the previous year?

What financial losses is Goldman Sachs expected to report from its newly created unit?