Goldman Sachs will cut hundreds of jobs due to falling profits. According to various sources, cuts in the financial and investment company may begin as early as next week and will affect employees throughout the company.
The company reported a 48% fall in second-quarter earnings as its clients grappled with inflation, rising interest rates, the coronavirus pandemic and war in Ukraine. Its investment banking division generated $2.1 billion in revenue, down 41% from a year ago.
The investment bank has warned it may have to cut spending as the economic outlook worsens.
There is no doubt that the market environment has become more complex, and the combination of macroeconomic conditions and geopolitics is having a significant impact on asset prices, market activity and confidence," said Goldman Sachs CEO David Solomon.