Goldman Sachs Group Inc. is planning to cut thousands of employees to navigate a difficult economic environment, a source familiar with the matter said.
The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps. Goldman Sachs had 49,100 employees at the end of the third quarter after adding significant numbers of staff during the pandemic. Its headcount will remain above pre-pandemic levels, the source said. The workforce stood at 38,300 at the end of 2019, according to a filing.
The number of employees that will be affected by the layoffs is still being discussed, and details are expected to be finalized early next year, the source said.