Goldman Sachs group has started to layoff its employees and is looking to let go about 125 Managing Directors globally. This, as the company is facing a slump in deals.
The Managing directors who would be affected include some in investment banking, as per Bloomberg. The report also mentioned that not all of the layoffs have happened yet. Goldman Sachs is reducing the headcount as part of cost-cutting efforts.
This would be the third layoff round undertaken by the company in less than a year. As per Bloomberg, Goldman Sachs and other banks had ramped up hiring in 2020 and 2021 amid a surge in M&A and initial public offerings are now grappling with falling fees as dealmaking sputters.
The report also mentions that several veterans of Goldman Sachs have joined the company's rivals including Wells Fargo & Co. and Banco Santander SA, Evercore Inc in the past one month.