Goldman Sachs Fires 25 Employees in Asia Amid Volatility In Capital Markets: Report

Goldman Sachs said the company continues to remain flexible while executing against strategic growth priorities.

Published: September 20, 2022 10:42 PM IST

By India.com News Desk | Edited by Manmath Nayak

Goldman Sachs, Goldman Sachs layoffs, goldman sachs job cuts
Goldman is likely to start the process mid-week and the job cuts should not exceed over 3,200. (Representational Image)

New York: Goldman Sachs on Tuesday said it has laid off at least 25 bankers in Asia, Bloomberg News reported citing sources familiar with the matter. The move from the company comes as volatility in capital markets stifles dealmaking across sectors.

Goldman Sachs said the firing spanned across the bank’s equity capital markets, health care, and telecommunication, media and technology teams in Asia which were mostly impacted junior level bankers involved in deals in Greater China, the Bloomberg report said.

The company said in a statement that every year globally the firm conducts a strategic assessment of resources and calibrates headcount to the current operating environment.

“We continue to remain flexible while executing against our strategic growth priorities,” a Goldman spokesperson told the news portal.

Goldman Sachs and other firms had recently hired aggressively to expand in China after the country fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity in the mainland.

Last week, news agency Reuters  reported that the Wall Street giant planned to cut jobs as early as this month after pausing the annual practice for two years during the pandemic.

Goldman Sachs said it tried to typically trim about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range and that the staff reductions may begin as early as this week.

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