Redundancies expected to be concentrated in investment banking division and consumer arm
The cuts are expected to be concentrated in the investment banking division, where fee income has fallen, and its consumer arm, where it has– though most divisions across the bank are likely to be affected.
The 3,200 job losses would represent about 7% of the bank’s global workforce of 49,000. Bloomberg News, which first reported the proposed extent of the job cuts, said the bank would continue hiring at junior levels. Goldman had reportedly been considering as many as 4,000 job losses. It is also thought to be consideringThe job and bonus cuts will allow Solomon to offer signs of action to the bank’s shareholders when it reports its full-year earnings on 17 January. Goldman is expected to report its second-best annual profits since 2009, but investors are concerned that the bank’s shares are trading at a discount relative to rivals such as Morgan Stanley.
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