FINANCE GOLDMAN SACHS
Goldman Sachs set for biggest round of job cuts since the pandemic began
Goldman Sachs largely paused its annual culling cycle during the pandemic, but t
hat's changing this month, people with knowledge of the matter told Bloomberg.
BY SRIDHAR NATARAJAN AND BLOOMBERG
September 12, 2022 12:58 PM EDT
Goldman Sachs Group Inc. is embarking on its biggest round of jobs cuts since th
e start of the pandemic.
The Wall Street titan plans to eliminate several hundred roles starting this mon
th, according to people with knowledge of the matter. While the total number is
less than some previous rounds, the reductions are a resumption of Goldman’s an
nual culling cycle that it had largely paused during the pandemic.
The move from the banking bellwether is the surest sign yet of a chill that has
set in across the industry amid a slump in revenue after record-breaking years.
Analysts expect the bank to post a more than 40% drop in earnings this year, acc
ording to data compiled by Bloomberg. The New York-based firm said in July that
it planned to slow hiring and reinstate annual performance reviews — foreshadow
ing the job cuts it planned to undertake later in the year. It’s an effort to r
ein in expenses amid what it called a “challenging operating environment.”
The reviews are typically used to weed out the worst-performing staff. Goldman c
ould also reduce the pace of replacing staff it loses because of attrition, Chie
f Financial Officer Denis Coleman said at the time. Goldman had 47,000 employee
s at the end of the second quarter.
The New York Times reported earlier Monday that Goldman was preparing job cuts.
A Goldman spokeswoman declined to comment.
Like its Wall Street competitors, Goldman has been hurt by the dramatic slowdown
in investment banking as the volatility that’s spurred gains for trading also
weighed on capital markets and asset management. While the firm’s trading opera
tion posted a 32% surge in revenue in the second quarter, investment-banking rev
enue fell 41%, reflecting a sharp drop in underwriting.
Total operating expenses declined in the second quarter from a year earlier as G
oldman reduced compensation and benefits, but the company also reported increase
s in costs from growth initiatives.
Goldman shares are down more than 10% this year and about 15% from a year ago. T
hat compares with a 7.5% drop in the S&P 500 Financials index for the past 12 mo
nths.
–With assistance from Devika Krishna Kumar.
https://bit.ly/3REuF4C
簡單翻譯如下：
1. 高盛已經砍人 砍了好幾輪了，9月預計要再砍幾百人 ，這也是疫情以來的最大規模裁員
2.分析師預估高盛今年的收益將下降 40% 以上。
3.高盛計劃放緩招聘並恢復年度績效評估——這暗示他會繼續裁員
4.高盛交易業務在第二季度的收入增長了 32%，但投資銀行業務的收入卻下降了 41%