Goldman Sachs Prepares for New Round of Job Cuts Next Month - Report

Seekingalpha2022-12-29

Goldman Sachs plans to embark on a new round of job cuts in the next couple of weeks as the Wall Street firm faces tighter monetary conditions and slowing economic activity, Bloomberg reported, citing...

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Zivcheah
2022-12-29
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He added: \"We need to proceed with caution and manage our resources wisely.\"Semafor had reported earlier this month that the company may cut as much as 8% of its workforce, ~4,000 jobs, to offset sliding profit and revenue, though the final number could be lower. As of Sept. 30, 2022, Goldman's (GS) headcount stood at 49,100, up 4% from the count at June 30.While Wall Street banks typically oust low-performing bankers early in the year, the cuts at Goldman (GS) are expected to be bigger than its rivals as it strives to reach profit targets. In February, the company had increased its medium-term return on equity target to 14%-16% from its previous goal of 13%. For the first nine months of 2022, its ROE was 12.2%.Analysts expect Goldman (GS) to generate almost $48B in annual revenue this year, its second highest tally, only lagging the ~$59B it produced in 2021. It's expected to earn $33.71 per share in 2022, a 43% drop from $59.45 in 2021.Part of the slump in profits came from its cash-burning foray into consumer banking. In October, Goldman (GS) announced a new structure that would fold its Marcus and other consumer banking operations into its Asset & Wealth management unit, essentially dialing back its ambitions for the business.Last week, the Wall Street Journal reported that the bank is expanding its ties with Apple (AAPL) to bolster its consumer-focused business.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9924475346,"gmtCreate":1672323274385,"gmtModify":1676538672116,"author":{"id":"3582538202393061","authorId":"3582538202393061","name":"Zivcheah","avatar":"https://static.tigerbbs.com/d52882be9b594ebb5b5933851792d286","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582538202393061","authorIdStr":"3582538202393061"},"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9924475346","repostId":1183641589,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105385718,"gmtCreate":1672323279424,"gmtModify":1672323292399,"authorId":3582538202393061,"author":{"id":3582538202393061,"idStr":"3582538202393061","authorId":3582538202393061,"name":"Zivcheah","avatar":"https://static.tigerbbs.com/d52882be9b594ebb5b5933851792d286","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9924475346,"type":1,"supId":0,"prevId":0,"content":"<u>O</u>","text":"<u>O</u>","html":"<u>O</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":24,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1183641589"}