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Goldman Sachs plans to cut 3,200 jobs this week: Report

It is said to be one of its biggest round of layoffs

GOLDMAN SACHS-RESULTS/ Image Courtesy | Reuters

Goldman Sachs Group Inc to start one of its biggest rounds of job cuts ever. The multinational financial company is expected to begin the process mid-week and is planning to eliminate about 3,200 positions, reported Bloomberg. 

The layoffs are likely to affect most major divisions of the banks but should centre on Goldman Sachs's investment banking division, reported Reuters. 

At the end of the third quarter, Goldman had 49,100 employees. 

Reports said that the job cuts are ahead of the bank's annual bonus payments which are usually delivered later in January and are expected to be down about 40 per cent. 

After the pandemic in September last year, the bank restarted its annual job cuts. 

The Wall Street giant typically trims about 1 per cent to 5 per cent of staff each year, Reuters reported. 

According to Dealogic data, investment banking fees nearly halved in 2022, with $77 billion earned globally by the banks, down from $132.3 billion one year earlier. The total value of mergers and acquisitions globally had slumped 37 per cent to $3.66 trillion by December 20, it said. 

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