In third layoff in less than a year, Gulman Sachs lays off 125 CEOs

American Bank Goldman Sachs A process has begun to cut executives that is expected to affect employees around the world, according to the bloomberg. According to the agency, which confirmed the information by people familiar with the matter, the movement is taking place while the company is reducing the number of its employees amid a downturn in business.

Projections indicate that 125 managing directors from offices around the world will be fired Financial institution, including some investment banking businesses. Not all of the layoffs have actually taken place, according to the newspaper, the source, who asked not to be identified. a bloombergA Goldman Sachs spokesman declined to comment on the layoff.

Headquartered in New YorkThe company was founded in 1869 and has offices in several countries such as France, India, Italy, Japan, the United Kingdom and the United Arab Emirates. In Brazil, the financial institution has had an office in Sao Paulo since 1995, according to the company’s website. It is not clear if the operation will affect Brazil.

This is the third round of layoffs that Goldman Sachs has promoted in less than a year. In September 2022, the company laid off about 500 professionals, followed by an even larger round of cuts earlier this year, with 3,200 employees fired, it also reported. bloomberg. In February, Chief Financial Officer Dennis Coleman said the January job cuts, along with lower hiring, would result in $600 million in payroll cuts.

The movement reflects the scenario of banks that between 2020 and 2021 hiring benefited from an increase in mergers and acquisitions and public offerings, but are now facing falling rates because the business is not doing well. This is also the case JPMorganwhich is laying off about 40 investment bankers in its efforts to deal with the global slowdown, according to a report by Bloomberg News On Friday the 23rd.

Likewise, the Citigroup It has also started cutting hundreds of jobs this year and is still looking to cut 30 investment banking jobs, as well as another 20 at the company’s London-based corporate bank.