Goldman Sachs has executed at least three rounds of layoffs in the past year. In the latest, about 125 managing directors will be handed pink slips in an effort to cut costs during a deals slump.
The cuts came after the Wall Street behemoth reported second-quarter earnings of $2.93 billion, precipitously — a week after Goldman reportedly slashed its struggling retail banking division by 400.as word of the layoffs by hard-charging chief executive David Solomon spread throughout the firm’s headquarters in downtown Manhattan.
By January, 3,200 workers were removed from payroll — the most significant since Goldman culled its ranks following the 2008 financial crisis. As senior executives are left worried about their fate at the company, Solomon has grown increasingly unpopular among his workforce of 40,000. In January, a round of layoffs that saw 3,200 staffers removed from payroll was dubbed “David’s Demolition Day” as word of the layoffs by CEO David Solomon spread throughout the firm’s headquarters in downtown Manhattan.However, the bank’s $12.2 billion in net revenues in Q1 of 2023 was a slump from the same time period in years prior.
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