Goldman Sachs reportedly eyes further job cuts: Bloomberg By Investing.com

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Goldman Sachs reportedly eyes further job cuts: Bloomberg

Stock Markets Dec 12, 2022 02:11PM ET

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Goldman Sachs reportedly eyes further job cuts: Bloomberg

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By Yasin Ebrahim

Investing.com -- Goldman Sachs will reportedly cut hundreds of more jobs as the investment bank restructures its consumer business and looks to batten down the hatches amid brewing economic uncertainty, Bloomberg reported Monday, citing unnamed sources.

Goldman Sachs Group Inc (NYSE:GS) pared some gains following the news to trade 0.2% higher at $359.89, down from a session high of $362.33.

The bank is planning to cut at least 400 positions from its retail banking operations, Bloomberg reported, citing people familiar with the matter.

The report comes less than a week after Goldman Sachs CEO David Solomon warned in a Bloomberg interview that the bank may have to be a "little more cautious" with its financial resources.

“You have to assume that we have some bumpy times ahead,” Solomon said in an interview, according to Bloomberg. “You have to be a little more cautious with your financial resources, with your sizing and footprint of the organization.”

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Comments (1)

Ernie Keebler Dec 12, 2022 3:24PM ET

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Maybe the cutting should come from the top? But it never does, Solomon raked in $35Million in Jan 2022, wonder if he'll get another pay raise for chopping more heads? Endless greed

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