Goldman Sachs plans further more job cuts
2020-11-20
According to news reports, Goldman Sachs Group Inc is preparing for a second round of job cuts, three months after it began eliminating around 400 positions. It is looking for ways to cut costs to achieve a target of reducing operating expenses by 1.3 billion dollars over the next three years, which it announced in January as part of a broader strategic revamp.
Goldman executives expect to go deeper in the coming year, which could eventually lead to one of the most significant staff reductions at the bank, according to the report. Goldman reiterated its statement from earlier this year, saying it "has made a decision to move forward with a modest number of layoffs."
It was not clear if there would be further job cuts next year.
Goldman is also looking to reduce costs by locating more staff in less expensive locations such as Salt Lake City, Dallas and Bengaluru, India, Chief Financial Officer Stephen Scherr said earlier this month.
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