February 29, 2024

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Goldman Sachs is cutting jobs again amid falling Wall Street deals

  • Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to declining deal activity.
  • The company is expected to fill fewer than 250 jobs in the coming weeks, according to a person familiar with the bank’s plans.
  • Directors and some partners will be affected, according to the person who declined to be named speaking about the layoffs.

David Solomon, CEO of Goldman Sachs, speaks during the Milken Institute’s Global Conference in Beverly Hills, Calif., April 29, 2019.

Kyle Grillot | bloomberg | Getty Images

Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to declining deal activity.

The company is expected to fill fewer than 250 jobs in the coming weeks, a person familiar with the New York-based bank’s plans said Tuesday.

Goldman Sachs, led by CEO David Solomon, was among the first major firms on Wall Street to cut jobs in September, cutting a few hundred jobs. Then it cut more jobs in January, firing about 3,200 employees. Morgan Stanley announced 3,000 job cuts this month, and JPMorgan Chase cut about 500, CNBC reported last week.

But Goldman is more connected to the ups and downs of Wall Street than its competitors. A combined 16% decline in trading and advisory revenue in the first quarter contributed to a disappointing start to the year.

Directors and some partners will be affected by the cuts at Goldman, according to the person who declined to be identified speaking about the layoffs. The Wall Street Journal reported the news earlier on Tuesday.

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Goldman was 45400 employees as of March 31, a decrease of 6% from the fourth quarter of 2022.

Clarification: This story has been updated to reflect that JPMorgan Chase cut about 500 jobs last week.