Goldman Sachs to cut more than 3,000 jobs

Investment banker Goldman Sachs will begin to axe thousands of roles from Wednesday, with the Wall Street bank bracing for a brutal economic environment in 2023.

Goldman Sachs will cut more than 3,000 jobs, according to Bloomberg, and while the final number was yet to be determined, the scale of the cuts will be the deepest made by the firm in recent history.

The cuts will represent approximately 6.5% of the banking giant's 49,000-strong workforce and will be made across Goldman, hitting its consumer business, as well as its money-spinning investment banking and trading operations.

Goldman Sachs raised its headcount at double the rate of its peers during the Covid-19 pandemic, while also expanding into new areas and halting a yearly cull of underperforming employees.

As of 0855 GMT, Goldman shares were down 0.095% in pre-market trading at $347.75 each.

Reporting by Iain Gilbert at Sharecast.com