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01.10.2020

Goldman Sachs ends moratorium on jobs cuts

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At the same time, the bank pledged to refrain from broad firings

Stocks impacted: Goldman Sachs Group Inc. (GS)

Goldman Sachs is resuming job cuts amid the resurgent coronavirus pandemic. The bank is embarking on a plan to eliminate about 1% of its workforce, or roughly 400 positions despite its core trading and deal-making businesses are booming. Many of the cuts in the current round are tied to back-office roles that had been folded into bigger money-making divisions as part of an earlier reorganization. At the same time, Goldman pledged to refrain from broad firings. Of note, Goldman Sachs is not the only one taking such action. Earlier in September, Wells Fargo & Co. and Citigroup Inc. were among the first to restart cuts after their stock prices slumped and as they faced the prospect of souring loans. Goldman stocks finished 2% higher on Wednesday amid a broad-based recovery in Wall Street stocks.

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