Staff at Goldman Sachs are bracing for news on whether they will keep their jobs, as the U.S. investment bank begins a sweeping cost-cutting drive that could see its 49,000-strong global workforce shrink by thousands. | Reuters
There was little sign yet of the imminent upheaval around the bank’s major office hubs in New York or London.
Goldman’s redundancy plans will be followed by a broader spending review taking in corporate travel and expenses, the Financial Times reported on Wednesday, as it counts the costs of a massive slowdown in corporate dealmaking and a slump in capital markets activity since the war in Ukraine.Goldman had 49,100 employees at the end of the third quarter, after adding significant numbers of staff during the coronavirus pandemic.
The lender is also slashing its annual bonus payments this year to reflect the depressed market conditions, with payouts expected to fall about 40 percent. Global investment banking fees nearly halved in 2022, with $77 billion earned by the banks, down from $132.3 billion one year earlier, Dealogic data showed.
Banks struck $517 billion worth of equity capital markets transactions by late December 2022, the lowest level since the early 2000s and a 66 percent drop from 2021’s bonanza, according to Dealogic.
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