Goldman Sachs is undertaking cost cutting measures in light of issues with its bottom line. Job cuts are in the offing, with some getting the axe as early as this week as the business continues to face rough waters.
It is that time of the year again where the bank would remove its weakest employees across the firm. With the equities trading business continuing on its tepid performance, many more job cuts are expected until earnings generated can sustain the retention of employees.
Other banks in the global market have been laying off personnel in the last few years because of weak trading and lower than projected volumes have put pressure on the banks to remain in the black. These include Morgan Stanley, Citigroup Inc, UBS AG and Morgan Stanley, all of which either have laid off staff or has announced job cuts to be done within the next year or so. For its part, Goldman has already let 3,300 employees go worldwide in the past two years.
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