Layoffs have unfortunately been all too common in 2023. Tech layoffs by far have dominated headlines, with the tech industry cutting over 200,000 jobs since the start of the year, according to data compiled by Layoffs.fyi. Media layoffs have also garnered a lot of attention. But another industry hit hard by layoffs has been the finance and banking sector.
Since late last year, nearly every major bank on Wall Street has made job cuts. This includes Goldman Sachs, which laid off a few hundred positions last September and then another 3,200 in January. But now Goldman Sachs is about to embark on its third round of cuts.
According to reports in Reuters and the Wall Street Journal, the bank is preparing to lay off additional employees in the coming weeks. These cuts will be much less than the thousands laid off in January, however. Reports suggest that fewer than 250 jobs will be cut, which puts it on par with the number of jobs that Goldman cut during its first round last September. The job losses may be spread across senior positions, including managing directors and partners.
A representative from Goldman Sachs declined to comment.
The news of Goldman’s third round of cuts comes after JPMorgan Chase cut almost 500 jobs last week. As CNBC reports, affected jobs include roles in the bank’s technology and operations groups. Other household Wall Street names that have slashed jobs since the latter half of 2022 include BlackRock, Morgan Stanley, and HSBC.
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