Close Menu
Times HeraldTimes Herald
  • World
  • India
  • Politics
  • Sports
  • Business
  • Tech
  • Entertainment
What's Hot

12 games offered for Christmas!

December 1, 2023

Paraguay official resigns after signing agreement with Nithyananda’s imaginary country

December 1, 2023

At least nine Palestinians killed, including a journalist, after renewed Israeli attacks on Gaza

December 1, 2023
Facebook X (Twitter) Instagram
Times HeraldTimes Herald
  • World
  • India
  • Politics
  • Sports
  • Business
  • Tech
  • Entertainment
Times HeraldTimes Herald
Home»Business»Goldman Sachs will cut jobs, May Cut 8% Workforce or 4000 Jobs
Business

Goldman Sachs will cut jobs, May Cut 8% Workforce or 4000 Jobs

Times HeraldBy Times HeraldDecember 30, 2022
Facebook Twitter Pinterest LinkedIn Email WhatsApp
Goldman Sachs will cut jobs, May Cut 8% Workforce or 4000 Jobs.
Goldman Sachs will cut jobs, May Cut 8% Workforce or 4000 Jobs.

The boss of Goldman Sachs has told staff he will cut jobs as early as next month as the US investment bank seeks to improve its profits amid concerns over the global economy, media have been told. The bank is reportedly looking to reduce about 8 percent of its 49,000 employees, which could lead to 4,000 job losses. The Guardian reported that a reduction of up to 40 percent in its bonus pool is also being considered.

It comes as the City of London is preparing to cut ranks, with thousands of jobs expected to go. After a bumper year in 2022, teams working on mergers and acquisitions in the coming 12 months are particularly at risk as interest rates rise, increasing the cost of borrowing the cash needed for new deals. Goldman Chief Executive David Solomon said the partnership is prepared for slower economic growth as central banks raise interest rates. Solomon said: We are conducting a careful review and discussions are still ongoing, we will reduce our workforce in the first half of January.

Investment banks enjoyed a boom in 2021, as companies launched a massive wave of mergers and acquisitions following the coronavirus pandemic lockdown. Goldman Sachs and other banks expanded to take advantage, but the number of lucrative deals fell back in 2022 amid rising interest rates worldwide. Solomon said in the message, there are a number of factors affecting the business environment, including tightening monetary conditions slowing economic activity. For our leadership team, the focus is on preparing the firm to deal with these headwinds.

Goldman is still forecasting to report big profits for this year and next. The Guardian reported that analysts surveyed by S&P Global Market Intelligence expect it to generate $12 billion in net profit for 2022 and $13 billion in 2023. It will be bigger than any year since the global financial crisis in 2009, except for its record profit of $21 billion in 2021.

However, the bank has been under pressure to improve its market valuation, which is lower than some US investment bank rivals such as Morgan Stanley. The Guardian reported that during 2022 its share price has declined by 14 percent.

Share. Facebook Twitter Pinterest WhatsApp
Previous ArticleRishabh Pant’s condition is stable, the doctor treating him told – he is able to talk
Next Article Cylinder Blast Video: Tragic accident in Chandauli, Oxygen cylinder blast, 2 people died
Times Herald
  • Website

Times Herald provides latest news from the country and the world, We covers world news, India news, politics, sports, business, entertainment and more.

Related Posts

Reliance Retail acquires ‘Metro Cash & Carry India’

December 22, 2022

Air India preparing to buy 500 new aircraft, the biggest deal ever – Report

December 12, 2022
Latest Posts

At least nine Palestinians killed, including a journalist, after renewed Israeli attacks on Gaza

December 1, 2023

Ukraine is still struggling with Russia, know about foreign aid

December 1, 2023

‘Good and appropriate’… Antony Blinken said about investigation on allegations of attempt to murder Sikh separatist

December 1, 2023
//

Get all the latest news from the world, India, politics, viral, business, technology on Times Herald.

//

Get all the latest news from the world, India, politics, viral, business, technology on Times Herald.

Connect with us:

Facebook X (Twitter)
Categories
  • World
  • India
  • Politics
  • Sports
  • Business
  • Tech
  • Entertainment
Recent Posts
  • 12 games offered for Christmas!
  • Paraguay official resigns after signing agreement with Nithyananda’s imaginary country
Quick Link
  • Term and Conditions
  • Privacy Policy
  • Contact
© 2023 Times Herald. Designed by Hayat Technologies.
  • Term and Conditions
  • Privacy Policy
  • Contact

Type above and press Enter to search. Press Esc to cancel.