Goldman Sachs is expected to lay off under 250 employees in the coming weeks, according to a source familiar with the matter. The layoffs are reportedly part of a broader effort by the bank to cut costs amid a slowdown in dealmaking activity.
The cuts are expected to affect employees across all levels, including managing directors and other senior executives. The source said that the layoffs could be announced as early as next week.
Goldman Sachs is not the only Wall Street bank that has been hit by layoffs in recent months. JPMorgan Chase, Citigroup, and Morgan Stanley have all announced job cuts in recent months. The layoffs are a sign of the tough economic environment that Wall Street is facing.
The slowdown in dealmaking activity has been particularly hard on investment banks. Investment banks make money by advising companies on mergers and acquisitions, and the slowdown in dealmaking has led to a decline in revenue for investment banks.
Goldman Sachs is still profitable, but the bank is facing increasing pressure to cut costs. The layoffs are a sign that Goldman Sachs is taking steps to reduce costs in order to weather the current economic storm.
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