Goldman Sachs prepares layoffs as deal-making environment dries up

WALL Street investment banking titan Goldman Sachs is preparing to cut jobs as soon as next week, according to reports yesterday.

The New York Times reported that the firm is looking to slim down its workforce in response to a weaker dealmaking environment.

Economic uncertainty, driven by inflation across the world reaching levels not seen for decades, central banks rapidly raising interest rates, and Russia's invasion of Ukraine have all cooled corporate mergers.

Every year, Goldman evaluates its headcount, which often results in redundancies.

It paused that programme for most of the Covid-19 crisis.

Sources told the paper that this round is unlikely to cause higher than usual layoffs.

Goldman Sachs declined to comment.

(c) 2022 City A.M., source Newspaper