As it prepares for a tough economic environment, Goldman Sachs Group will start cutting thousands of jobs across the firm from Wednesday. While two sources familiar with the move broke this news, Goldman Sachs declined to comment.
The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. According to Bloomberg News report on Sunday, Goldman would eliminate about 3,200 positions.
Though the layoffs are likely to affect most major divisions of the banks, but it would centre on Goldman Sachs's investment banking division, one of the sources said. As a result of volatile global financial markets, institutional banks have suffered a major slowdown in corporate deals.
Hundreds of jobs are also likely to be reduced from Goldman Sachs' loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus, the sources said.
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