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Goldman Sachs’ loss-making consumer business is expected to shed hundreds of jobs as direct-to-consumer unit Marcus plans to scale back.
Goldman Sachs
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Goldman Sachs Group His company will start laying off thousands of workers from Wednesday. According to sources, this information has not yet been made public by Goldman Sachs. He also declined to comment. The number of job cuts is expected to be just over 3,000, but the final number has yet to be determined. Bloomberg News reported Sunday that Goldman will lay off about 3,200 people. The layoffs are expected to affect most of the bank’s core divisions, but will be focused on Goldman’s investment banking division.
According to sources, institutional banks have faced a major slowdown in corporate transactions due to volatile global financial markets. Hundreds of jobs are also likely to be lost from Goldman’s loss-making consumer business, according to sources, as plans for its Marcus direct-to-consumer unit scale up on the back end. .
The company planned to lay off employees at a time when they were facing difficult times. At the same time, the company is focusing on restructuring its consumer business. The company is planning so it can prepare for the upcoming recession by reducing costs. The company is facing huge losses in its retail banking business and cutting staff is the only option in such a situation. It is known that this company provides jobs for more than 49 thousand people worldwide. Currently, there are about 81,567 employees working at the company.
The company gave this reason
The move comes after the company’s CEO David Solomon announced plans to scale back its ‘main street’ banking ambitions, according to media reports. The same major bank plans to stop offering personal loans through its Marcus-branded retail banking platform. Solomon announced in October that Goldman would scale back its retail banking operations after years of losses and rising costs.
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Goldman prepares for recession
These layoffs will be in addition to the company’s annual layoffs of its lowest-performing employees. Usually banking companies do this every year. Goldman Co. is also preparing for a potential recession in 2023. Solomon said Goldman has ‘initiated a number of cost-cutting plans’. It will take some time to feel the benefits.
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