Goldman Sachs Plans To Lay Off 125 Managing Directors Worldwide: Report

Goldman Sachs Group Inc (NYSE: GS) reportedly has begun laying off managing directors globally.

Goldman has started cutting managing directors across the globe as the firm reduces its headcount amid deals slump, reported Bloomberg, citing people familiar with the matter.

Around 125 MDs, including some in investment banking, will lose their jobs, stated the source.

Related: Goldman Sachs Sees Ghosts of Stagflation, Warns of Tight Times Ahead

Investment banks have been reducing the headcount, as the slump in deals led to declines in fees and revenues at all major institutions.

Also Read: Evercore Poaches Goldman’s Tech Banking Co-Head

The cutbacks are part of a major cost-cutting campaign to reduce costs by $1 billion. In less than a year, Goldman has seen at least three rounds of layoffs.

Price Action: GS shares are up by 0.10% at $315.01 on the last check Monday.

Photo via Wikimedia Commons

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