Goldman Sachs May Cut 4,000 Jobs or 8% of Workforce

Goldman Sachs is preparing to cut up to 4,000 jobs, about 8% of its workforce, due to not meeting profitability targets and an uncertain economic environment. This move is more severe than typical annual layoffs, which usually target underperformers. Other banks like Morgan Stanley and JP Morgan are also considering cost-cutting measures, but not as extensively as Goldman. The firm's unique challenges include a failed consumer banking venture and integration costs, setting it apart from its competitors.

What has been the mood at Goldman Sachs regarding cost-cutting measures?

What unique challenges is Goldman Sachs facing compared to other banks?