Goldman Sachs Group Inc GS.N plans to move forward with "a modest number of layoffs", a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic.
Bloomberg News, which first reported about the layoffs, said the bank was looking to cut about 400 jobs, or roughly 1% of its workforce, citing people familiar with the matter.
“At the outbreak of the pandemic, the firm announced that it would suspend any job reductions. The firm has made a decision to move forward with a modest number of layoffs,” a Goldman Sachs spokesperson said.
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, according to the Bloomberg report Goldman Sachs’ annual cull has long set it apart from Wall Street rivals, which tend to make mass layoffs periodically.
In January, Goldman said it was aiming for a 60% efficiency ratio over the next three years, compared with 68% in 2019. A lower efficiency ratio means a bank is better at managing costs relative to revenue.
Separately, the U.S. Federal Reserve will curb big bank capital distributions through the end of the year, meaning the likes of JPMorgan JPM.N, Citi C.N, Wells Fargo WFC.N and Bank of America BAC.N will be barred from share buybacks and will have to cap dividends into the new year.
Shares of big banks fell between 0.5% and 1% in extended trade following the news.
See all the news
All
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
Business Leaders Council by USAID and Georgian Business
ბინების ქირის ფასი 50%-მდე გაიზარდა
DriveWealth-G&T Cooperation
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly
მინერალური და მტკნარი წყლის ფასები ქართულ ბაზარზე
China continues to push competitors out of the global walnut market
Moscow to Host First Meeting of Turkish & Armenian Special Envoys on Jan 14
Scientists Discover New Part of the Human Body
Turkey's Exports Soar by 33.7% to $21.5B in November
რა ხდება საკაბელო პროდუქციის ბაზარზე?
საქმის კურსი - 16.12.2021 - ღამის კოლაჟი
საქმის კურსი - 16.12.2021_17:40 / გადაცემა სრულად
#COVID19-ის ახალი შტამი: #ომიკრონი - რა სიმპტომები აქვს “ომიკრონს”?
#ForbesTalks: Interview with Oleg Ossinovski / ინტერვიუ ოლეგ ოსინოვსკისთან