Goldman Sachs likely to slash 3,200 jobs, say reports

Just days after Amazon announced 18,000 job cuts, reports say that Goldman Sachs plans to cut as many as 3,200 jobs this week.

Goldman Sachs typically trims about one to five percent of their headcount each year, targeting underperforming staff. However, as per reports, this year's job cuts will be more than usual in light of the uncertain economic outlook and the growth in Goldman's staffing in recent years.

The company's headcount stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions. The reported 3200 job cuts would amount to about 6.5% of the investment bank's current headcount.

These job cuts come on the back of Goldman Sachs and other investment banks seeing a big drop in fees tied to initial public offerings. In fact, investment banks have forecasted a cloudy outlook for mergers and acquisitions advising in 2023.