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: Goldman Sachs may cut 3,200 jobs: report

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Goldman Sachs Group Inc.
GS,
+1.26%

is set to begin a large round of staff layoffs this week, cutting as many as 3,200 jobs, according to a report on Monday from Bloomberg.

The bank is poised to start the job cutting midweek this week as it plans to make large cost-cutting measures amid a choppy economic environment.

Over a third of the job cuts will hail from the bank’s main trading and banking units, the report said.

Chief Executive David Solomon had warned that the job cuts were coming in the first half of January, and was focusing on “preparing the firm to weather these headwinds,” referring to the tight monetary policy weighing on the sector.

Bloomberg also reported that Goldman will reveal a new unit for its credit cards and instalment-lending business, recording over $2 billion pre-tax losses, according to people familiar with the matter.

The bank is set to report its fourth-quarter results on Jan. 17. Messages to Goldman were not immediately returned.

Banks gain favor in risk-off environment but earnings uncertainty remains

In 2022, Goldman reinstated its workforce performance review, which in pre-pandemic times, used to lay off between 2% to 5% of underperforming employees annually.

Last month, the Wall Street Journal reported that the banking group will cut bonuses by around 40%.

In its third-quarter earnings report, the bank said it would slow down hiring and reorganize into three business units: Asset & Wealth Management, Global Banking & Markets and Platform Solutions.

Goldman Sachs stock has lost 13% over the last 52 weeks.

: Swiss National Bank estimates it’ll record $143 billion loss

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