We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Goldman (GS) Plans Another Round of Job Cuts from Next Month
Read MoreHide Full Article
The Goldman Sachs Group, Inc. (GS - Free Report) is planning another wave of job cuts that could take place as soon as next month, per Financial Times article.This is a part of its yearly practice of letting go of those employees who are deemed to be the lowest performers.
The expected move usually affects between 1-5% of GS’ total staff. It is aiming to cut jobs at the lower end of the range, primarily in its main business divisions like investment banking and trading.
Markedly, GS has undergone a minimum of three phases of layoffs since last September. These initiatives are part of the company's deep cost-savings drive amid slump in deal making activity.
Reportedly, in June 2023, Goldman announced job cuts of more than 30 IB positions across the Asia region and considered firing around 125 managing directors across the globe.
Further, during the first quarter of 2023, GS trimmed its headcount by 3,200, marking its biggest round of layoffs since 2008 financial crisis. In September last year, the company also announced an employment reduction of about 500 jobs.
Goldman’s shares have lost 4.2% in the past three months against the industry’s growth of 2.6%.
Similar to Goldman, UBS Group AG (UBS - Free Report) and The Charles Schwab Corporation (SCHW - Free Report) have been reducing their workforce.
Reportedly UBS is expected to cut around 3,000 jobs in Switzerland in the upcoming period. It had been planning on workforce reduction at Credit Suisse post its acquisition in order to save costs. UBS expects that during the integration of Credit Suisse more staff would leave on their own accord.
Such job cuts are being planned by UBS as it aims to achieve gross cost reductions of more than $10 billion by the end of 2026.
SCHW announced a business streamlining plan as part of its cost-saving measures. Per the filing with Securities and Exchange Commission, the company will slash jobs and close or downsize its corporate offices with an aim to achieve at least $500 million in annual cost savings.
In addition to cost efficiencies associated with the integration of TD Ameritrade (acquired by SCHW in October 2020), the above-mentioned action is a step taken to simplify its business to better prepare for the post-integration period.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Goldman (GS) Plans Another Round of Job Cuts from Next Month
The Goldman Sachs Group, Inc. (GS - Free Report) is planning another wave of job cuts that could take place as soon as next month, per Financial Times article.This is a part of its yearly practice of letting go of those employees who are deemed to be the lowest performers.
The expected move usually affects between 1-5% of GS’ total staff. It is aiming to cut jobs at the lower end of the range, primarily in its main business divisions like investment banking and trading.
Markedly, GS has undergone a minimum of three phases of layoffs since last September. These initiatives are part of the company's deep cost-savings drive amid slump in deal making activity.
Reportedly, in June 2023, Goldman announced job cuts of more than 30 IB positions across the Asia region and considered firing around 125 managing directors across the globe.
Further, during the first quarter of 2023, GS trimmed its headcount by 3,200, marking its biggest round of layoffs since 2008 financial crisis. In September last year, the company also announced an employment reduction of about 500 jobs.
Goldman’s shares have lost 4.2% in the past three months against the industry’s growth of 2.6%.
Image Source: Zacks Investment Research
GS presently carries a Zacks Rank #3 (Hold). You cansee the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Similar to Goldman, UBS Group AG (UBS - Free Report) and The Charles Schwab Corporation (SCHW - Free Report) have been reducing their workforce.
Reportedly UBS is expected to cut around 3,000 jobs in Switzerland in the upcoming period. It had been planning on workforce reduction at Credit Suisse post its acquisition in order to save costs. UBS expects that during the integration of Credit Suisse more staff would leave on their own accord.
Such job cuts are being planned by UBS as it aims to achieve gross cost reductions of more than $10 billion by the end of 2026.
SCHW announced a business streamlining plan as part of its cost-saving measures. Per the filing with Securities and Exchange Commission, the company will slash jobs and close or downsize its corporate offices with an aim to achieve at least $500 million in annual cost savings.
In addition to cost efficiencies associated with the integration of TD Ameritrade (acquired by SCHW in October 2020), the above-mentioned action is a step taken to simplify its business to better prepare for the post-integration period.