Goldman Sachs to cut about 3,200 jobs after cost review

New York: Goldman Sachs Group will start cutting thousands of jobs across the firm this week, reports said citing sources, as it prepares for a tough economic environment.

The sources could not be named as the information was not yet made public. Goldman Sachs declined to comment.

The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. Bloomberg News reported on Sunday that Goldman would eliminate about 3,200 positions.

The layoffs are likely to affect most major divisions of the banks but should centre on Goldman Sachs’s investment banking division, one of the sources said. Institutional banks have suffered a major slowdown in corporate deals as a result of volatile global financial markets.

Hundreds of jobs are also likely to be reduced from Goldman Sachs’ loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus, the sources said.

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