According to anonymous sources, as many as 3,000 jobs may be cut, with most of the bank's major divisions affected. The investment banking arm is likely to see the deepest cuts.
Goldman Sachs Cuts Begin in Asia; Private Wealth Management Unit and Research Department Impacted
The cuts began in Asia on Wednesday, when Goldman Sachs completed cutting back its private wealth management unit and let go of 16 private bank staff across its Hong Kong, Singapore, and China offices, a source with knowledge of the matter said. The source added about eight staff were also laid off in Goldman's research department in Hong Kong, with layoffs ongoing in the investment bank and other divisions.
Goldman Sachs Redundancy Plans Followed by Spending Review; Corporate Travel and Expenses Targeted
According to the Financial Times, Goldman Sachs's redundancy plans will be followed by a broader spending review taking in corporate travel and expenses. This move comes as the bank counts the costs of a massive slowdown in corporate dealmaking and a slump in capital markets activity since the war in Ukraine.
