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Goldman Sachs to start cutting thousands of jobs midweek

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A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid/File Photo

Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment.

The sources could not be named as the information was not yet made public. Goldman Sachs declined to comment.

The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. Bloomberg News reported on Sunday that Goldman would eliminate about 3,200 positions.

The layoffs are likely to affect most major divisions of the banks but should centre on Goldman Sachs’s investment banking division, one of the sources said. Institutional banks have suffered a major slowdown in corporate deals as a result of volatile global financial markets.

Hundreds of jobs are also likely to be reduced from Goldman Sachs’ loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus, the sources said.

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