GOLDMAN SACHS
IS LAYING OFF
3200 EMPLOYEES

Banking giant Goldman Sachs is planning to cut down over 3,200 jobs this week.

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The revelation comes from two unnamed insiders, while Goldman Sachs has refused to comment.

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The job cuts come in the wake of its recent cost review and will affect all major divisions.

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More than a third of the fired employees will be from within its core trading and banking units.

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Hundreds of jobs are also likely to be reduced from Goldman Sachs’ loss-making consumer business.

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The company scaled back its failing direct-to-consumer unit Marcus, and hence the job cuts.

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The mass firings are seen as a cost-cutting measure after a 46% drop in profits.

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The number of fired employees is not yet decided but is estimated to be between 3,000 and 3,200.

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The firings are expected to start this week in the midst of an already volatile financial market.

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GOLDMAN SACHS IS LAYING OFF3200 EMPLOYEES

by Shaurya Thapa