Goldman Sachs Group Inc. is looking to trim around 4,000 jobs, Bloomberg reported citing a person familiar with the matter.
These layoffs now at Goldman Sachs are a sign that job cuts may deepen across Wall Street in the coming months as companies are battling high-cost pressures amid a demand slowdown.
The company had over 49,000 employees at the end of the third quarter this year as it added significant numbers of headcount during the Covid-19 pandemic, as per a report.
More than 90,000 workers in the US tech sector have been laid off in mass job cuts so far in 2022. Companies like Meta, Google, Twitter, Cisco, and several others have slashed jobs.
Equity markets have been hit hard in 2022. Inflation concerns, rising interest rates, and geopolitical tensions have all contributed to a roller-coaster ride for the stock markets globally and corporates.
In India, e-commerce and tech startups that benefited from a pandemic boom are feeling the pressure. Valuations, particularly at the late stage, have started to come down, and reports suggest it is now much more difficult to raise new funding in this environment.
