Concerns Over Economic Slump... "Goldman Sachs to Lay Off Thousands Early Next Year"

[Asia Economy New York=Special Correspondent Joselgina] Global investment bank Goldman Sachs plans to lay off thousands of employees early next year, local media including the Wall Street Journal (WSJ) reported on the 16th (local time), citing sources.

According to the reports, the layoffs will be decided across all departments. They are expected to be implemented in January next year, the time when annual bonuses are paid. WSJ also reported that Goldman Sachs is considering cutting or completely withholding annual bonuses for low performers. As of September, Goldman Sachs had approximately 49,000 employees.

CNBC reported that the scale of the layoffs could reach up to 8% of the total workforce, amounting to about 4,000 employees.

This move is interpreted as a cost-cutting and downsizing effort amid concerns over an economic recession and a deteriorating capital market. Earlier, David Solomon, CEO of Goldman Sachs, mentioned cost-cutting plans at an event. Morgan Stanley also cut 2% of its workforce earlier this month.

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