The anticipated job cuts are expected to impact a relatively small number, fewer than 250 positions, which accounts for less than 1% of the bank’s total headcount of 45,400 as of the end of March.
At the time of this report, Goldman Sachs has not provided an immediate response to a request for comment from Reuters.
Should the layoffs occur, it would mark the third instance of job reductions within a span of less than a year, as investment banks grapple with the impact of decreased dealmaking activity. The surge in interest rates has dampened the corporate desire for mergers and acquisitions, leading to challenges for investment banks.
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As reported by the Wall Street Journal, Goldman Sachs has been diligently cutting expenses in nearly every division throughout this year.