Goldman Sachs Joins, Growing Number of Top Companies , to Lay Off Thousands.<br />CNN reports that sources say Goldman Sachs (GS) is <br />getting ready to lay off up to 3,200 employees this <br />week amid an uncertain economic and market climate. .<br />CNN reports that sources say Goldman Sachs (GS) is <br />getting ready to lay off up to 3,200 employees this <br />week amid an uncertain economic and market climate. .<br />According to one source, over a third of <br />the layoffs are expected to be from <br />the bank's trading and banking units.<br />The source also said that hiring for roles in other <br />areas is expected to continue and a new <br />analyst role will start as planned later this year.<br />CNN reports that GS had <br />approximately 49,100 employees <br />as of the end of the third quarter. .<br />Amid the pandemic recovery, <br />the bank added thousands of jobs as <br />the market and investment banking surged.<br />Efforts by the Federal Reserve to reign in skyrocketing <br />inflation has caused companies to conserve cash <br />amid growing fears of a global recession.<br />Efforts by the Federal Reserve to reign in skyrocketing <br />inflation has caused companies to conserve cash <br />amid growing fears of a global recession.<br />As a result, GS saw its <br />revenue drop 12% during <br />the third quarter of 2022. .<br />CNN reports that revenue <br />for investment banking <br />has plummeted 57% <br />compared to 2021.<br />The reported layoffs come as other <br />banks and top companies brace for <br />what is expected to be a chaotic year.<br />Earlier this month, <br />Amazon announced plans to <br />lay off over 18,000 employees.<br />Meanwhile, Morgan Stanley <br />have also started layoffs amid <br />an uncertain business environment.
