‘David’s Demolition Day’: Goldman Sachs Axes Thousands

Stock trader Peter Tuchman reacts on the floor of the New York Stock Exchange at the closing bell on December 30, 2022 in New York. - Wall Street stocks marked a gloomy end to 2022, slumping to close lower in their worst annual showing in years. Surging inflation and steep interest rate hikes to cool demand have battered markets and investor sentiment this year, on top of global shocks like Russia's invasion of Ukraine. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

At a glance

  • Goldman Sachs is laying off fewer employees than feared, but the cut is still a deep one. The global investment bank let go of as many as 3,200 employees starting Wednesday, according to a person with knowledge of the firm’s plans.
  • That amounts to 6.5% of the 49,100 employees Goldman had in October, which is below the 8% reported last month as the upper end of possible cuts.
  • The final figure, reported earlier by Bloomberg, is a result of internal discussions between business heads and top management over the last month, said the person, who declined to be identified speaking about personnel decisions.

     

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