Goldman Sachs may cut as many as 4,000 jobs - report
Goldman Sachs Group Inc
n/a
00:15 03/11/16
Goldman Sachs could reportedly cut as many as 4,000 jobs, or roughly 8% of the workforce, as chief executive officer David Solomon battles to contain a slump in profit and revenue.
According to Bloomberg, which cited a person familiar with the matter, top managers have been asked to identify potential cost-reduction targets, and no final job cut number has been determined.
Headcount at the US banking giant has surged in recent years as Solomon completed acquisitions to build a more diversified company. A costly expansion into consumer banking left the unit with deep losses amid a slowdown in the business environment for deal-making and slumping asset prices.
The bank has already moved to cut its bonus pool for the year, with compensation its largest expense, and is even reducing the payouts available to divisions that have seen performance improve, Bloomberg noted.