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Goldman preparing to cut 3,200 jobs to rein in costs

Wall St bank scaling back consumer operations and confronting slowdown in investment banking

Goldman Sachs will begin cutting up to 3,200 jobs within days, according to a person familiar with the matter, as the Wall Street bank tries to rein in costs in the face of a slowdown in investment banking and a paring back of its consumer bank.

The cuts, which represent around 6.5 per cent of its roughly 49,000 workforce, are below the worst-case scenario of 3,900 jobs Goldman chief executive David Solomon and his management team had discussed late last year. The final number could also still be smaller than 3,200, the person familiar with the matter said.

However, the scale of cuts being prepared are some of the deepest Goldman has made in its recent history and are more drastic than what many of the bank’s peers currently have planned.

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