The media learned about the plans of Goldman Sachs to cut more than 3,000 employees

U.S. investment bank Goldman Sachs could lay off over 3,000 employees this week in what would be the biggest layoff in the history of the Wall Street giant. Reuters and Bloomberg.

According to Reuters, we are talking about “just over 3,000” employees, although the final decision is not yet pleasant, Bloomberg learned about plans to cut 3,200 people. At the end of the third quarter, Goldman Sachs employed 49,100 people, and after the start of the coronavirus pandemic, the staff was significantly increased.

All divisions of the bank will be affected by the layoffs, according to both media outlets, but the investment banking division and the unprofitable consumer lending business may suffer the most.

The job cuts come ahead of the bank’s annual bonus payments, Reuters noted, which are usually paid later in January and are expected to fall by about 40%. According to Dealogic, which the agency cites, investment banking fees in 2022 decreased worldwide to $77 billion from $132.3 billion in 2021. The total cost of mergers and acquisitions by the end of December was $3.66 trillion – this is 37% less than the record highs of 2021 ($5.9 trillion).