Goldman Sachs Group has started to cut down jobs as it is looking to let go of managing directors across the globe as the firm reduces its headcount amid deal slumps.
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
According to a source, the group is looking to let go of about 125 Managing Directors, including some in investment banking. Not all of the layoffs have happened yet.
This move by Goldman Sachs is a part of a deep cost-savings drive at the bank, which has seen at least three rounds of job cuts in less than a year. Goldman Sachs and other banks increased hiring in 2020 and 2021 amid a surge in M&A and initial public offerings are now grappling with falling fees as dealmaking sputters.
According to data, deal values have fallen more than 40 per cent this year to $1.2 trillion, with Goldman Sachs the number two adviser globally. The last time the bank didn’t top the rankings at the halfway point of a year was in 2018.
JPMorgan Chase & Co. is terminating about 40 investment bankers as part of its effort to cope with the global slowdown. Citigroup Inc. also started cutting hundreds of jobs across the company this year, and plans to shed 30 investment-banking jobs and 20 more at its corporate bank in London.
In the past month, several Goldman Sachs veterans joined the competitors, including Wells Fargo & Co. and Banco Santander SA. Tech banking co-head and global head of semiconductors, Tammy Kiely, jumped to Evercore Inc.
