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18.11.2020

Goldman plans a new round of job cuts

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The bank also wants to reduce costs by locating more staff in less expensive locations

Stocks impacted: Goldman Sachs Group Inc (GS)

Three months after Goldman Sachs began eliminating around 400 positions, the bank is preparing for a second round of job cuts due to the COVID-19 pandemic. As a reminder, as part of a broader strategic revamp, Goldman announced in January a target of reducing operating expenses by $1.3 billion over the next three years. Further job cuts are a way to cut costs to achieve this target. It is reported that the latest round of job cuts won’t exceed the roughly 400 positions. However, the bank could proceed to one of the most significant staff reductions at the bank next year. Earlier this month, Goldman’s Chief Financial Officer Stephen Scherr said the bank was also planning to reduce costs by locating more staff in less expensive locations such as Salt Lake City, Dallas, and Bengaluru, India. On Tuesday, Goldman stocks finished 1.02% higher.

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