Goldman Sachs to cut costs with redundancies for 3,200 staff

Goldman Sachs is reportedly cutting thousands of jobs this week as it looks to bring down costs.

As many as 3,200 jobs are expected to go with the first cuts made on Wednesday (January 11), which is 6.5% of roles in its 49,000 global workforce according to Bloomberg.

The investment bank signed a deal for a 111,000 sq ft office at One Centenary Way, Paradise in Birmingham in September, with space for several hundred staff to work the city, and the option to accommodate more than 1,000 people in future years if required.

Whilst the firm had increased its workforce following the pandemic, it was hit by rising interest rates.

Last month, CEO David Solomon informed staff that due to rates, staff cuts were necessary. The firm is expected to report its second-best annual profits since 2009, but investors are reportedly concerned that the bank’s shares are trading at a discount in relation to other firms.

Goldman Sachs has six offices across the UK including London, Birmingham and Milton Keynes. Redundancies are expected to be in the firms investment banking division and its consumer arm – Marcus.