Beautiful Virgin Islands

Thursday, Jun 05, 2025

Goldman Sachs to cull 3,200 jobs as part of cost cutting exercise with UK workers to be hit

Goldman Sachs to cull 3,200 jobs as part of cost cutting exercise with UK workers to be hit

Employees of the US-based multinational financial services company await their fate as the investment bank embarks on its biggest cost-cutting programme since the global financial crash.
Up to 3,200 jobs are to go at Goldman Sachs as part of the biggest restructuring efforts at the company since the global financial crash.

The US-based multinational financial services company and investment bank is embarking on a series of cost-saving measures after the deal making and market boom of the COVID-19 pandemic dried up and net profit dropped 44% in the first nine months of this financial year.

It is understood job cuts will be made to the company's global workforce with UK staff to be impacted as a result.

More than 6,000 staff are employed by Goldman Sachs in the UK.

Reports say the majority of employees are to hear of their fates from Wednesday and that more than a third of cuts are likely to be from core trading and banking units.

The job losses are to be equivalent to about 6% of the 49,100 total work force recorded at the end of September.

Earnings for the final quarter of the year are to be published next Tuesday with analysts forecasting earnings per share to have fallen around 8% during the three-month period compared to a year earlier.

The company recruited extensively during the pandemic years and in 2020 paused its routine firing of the least productive employees.

The uncertain global financial outlook is also behind the move to cut the workforce as is the slowdown in business operations and a costly foray into consumer banking.

Staff had been braced for job losses following the end of year message from the Goldman Sachs chief executive.

"There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity," David Solomon said in an audio message to staff in late December.

Goldman Sachs has not commented on the reports.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
Majority of French Voters View Macron's Presidency as a Failure
Hungary Partners with China to Boost Electric Vehicle Production
‘Vibe Coding’ Emerges as the New DIY Trend
AI Pioneer Yoshua Bengio Warns Models Can Deceive Users
Big Four Firms Rush to Create AI Auditing Systems
Musk’s xAI Pursues $113 Billion Valuation in New Share Sale
Walmart Increases Revenue Despite Shrinking Workforce
Hims & Hers Plans UK and EU Launch of Replica Obesity Drugs
Toyota to Acquire Supplier in $33 Billion Buyout
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
×