Daily Management Review

Bloomberg warns of massive layoffs at Goldman Sachs


The largest U.S. bank, Goldman Sachs Group Inc., will lay off 3,200 workers; the process will start this week, according to Bloomberg, which cited sources.

Erik Drost
Erik Drost
The agency quoted sources as saying that "the corporation is likely to start the process (of layoffs) in midweek, and the overall number of affected individuals will not exceed 3,200."

The insider claims that more than a third of those laid off will probably work in the main banking and trading sectors, demonstrating the scale of the layoffs.

The bank had more over 49,000 workers as of September 30th, the agency said.

Bloomberg claims that the slowdown in several industry sectors, the expensive project in consumer banking, as well as the uncertainty surrounding the outlook for markets and the economy as a whole, were the causes of the significant decrease.

source: bloomberg.com