Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Goldman Sachs to cull 3,200 jobs as part of cost cutting exercise with UK workers to be hit

by January 11, 2023
January 11, 2023
Goldman Sachs to cull 3,200 jobs as part of cost cutting exercise with UK workers to be hit

Up to 3,200 jobs are to go at Goldman Sachs as part of the biggest restructuring efforts at the company since the global financial crash.

The US-based multinational financial services company and investment bank is embarking on a series of cost-saving measures after the deal making and market boom of the COVID-19 pandemic dried up and net profit dropped 44% in the first nine months of this financial year.

It is understood job cuts will be made to the company’s global workforce with UK staff to be impacted as a result.

More than 6,000 staff are employed by Goldman Sachs in the UK.

Reports say the majority of employees are to hear of their fates from Wednesday and that more than a third of cuts are likely to be from core trading and banking units.

The job losses are to be equivalent to about 6% of the 49,100 total work force recorded at the end of September.

Earnings for the final quarter of the year are to be published next Tuesday with analysts forecasting earnings per share to have fallen around 8% during the three-month period compared to a year earlier.

The company recruited extensively during the pandemic years and in 2020 paused its routine firing of the least productive employees.

The uncertain global financial outlook is also behind the move to cut the workforce as is the slowdown in business operations and a costly foray into consumer banking.

Staff had been braced for job losses following the end of year message from the Goldman Sachs chief executive.

“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,” David Solomon said in an audio message to staff in late December.

Goldman Sachs has not commented on the reports.

Read more:
Goldman Sachs to cull 3,200 jobs as part of cost cutting exercise with UK workers to be hit

0
FacebookTwitterGoogle +Pinterest
previous post
European electric carmakers apply the brakes on costly revolution
next post
Indonesia-linked investor in talks to save Britishvolt in £160m deal

You may also like

UK Business Climate Hub launches to help 5.5.m...

August 14, 2023

HMRC has not charged a single company over...

January 22, 2024

‘A big moment’: Wales expected to ban single-use...

September 21, 2022

Meta soothes ad giants with ‘community notes’ after...

January 22, 2025

Shipping firms pause Red Sea journeys over attacks

December 15, 2023

How To Maximise Google Ads Results With A...

February 23, 2024

Peterborough Crowned Best British City for SME Jobs

June 20, 2024

Top 5 Cyber Trends to Track in 2025

January 27, 2025

UK unemployment rate remains low at 4.2% as...

October 24, 2023

Tax agency stopped from operating by HM Revenue...

February 20, 2023

UK Business Climate Hub launches to help 5.5.m...

August 14, 2023

HMRC has not charged a single company over...

January 22, 2024

‘A big moment’: Wales expected to ban single-use...

September 21, 2022

Meta soothes ad giants with ‘community notes’ after...

January 22, 2025

Shipping firms pause Red Sea journeys over attacks

December 15, 2023

How To Maximise Google Ads Results With A...

February 23, 2024

Peterborough Crowned Best British City for SME Jobs

June 20, 2024

Top 5 Cyber Trends to Track in 2025

January 27, 2025

UK unemployment rate remains low at 4.2% as...

October 24, 2023

Tax agency stopped from operating by HM Revenue...

February 20, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Iran regime escalates repression toward ‘North Korea-style model of isolation and control’

      July 4, 2025
    • UK revealed as Europe’s worst country for commuters in new ranking

      July 4, 2025
    • This July 4th, a family waits: American hostage’s father pleads for son’s freedom from Hamas terrorists

      July 4, 2025
    • $88m methane-tracking satellite lost in space, dealing major blow to climate monitoring

      July 4, 2025
    • New US visa rules will force foreign students to unlock social media profiles

      July 4, 2025
    • The real Formula 1: British Grand Prix highlights UK’s £16bn motorsport economy

      July 4, 2025

    Categories

    • Business (8,393)
    • Investing (2,102)
    • Politics (15,945)
    • Stocks (3,189)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved