Barclays axing hundreds of jobs as Wall Street pain spread - New …

Sep 8, 2023 · Morgan Stanley cut 3,000 jobs in the second quarter and Goldman Sachs this year reinstated performance ratings that usually result in firing of the worst performers. Citigroup …

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FAQs about Barclays axing hundreds of jobs as Wall Street pain spread - New … Coupon?

Why did Barclays cut jobs this year?

Barclays’ Wall Street rivals have also cut jobs this year, as investment banking revenues are taking a long time to recover. Morgan Stanley cut 3,000 jobs in the second quarter and Goldman Sachs this year reinstated performance ratings that usually result in firing of the worst performers. ...

What happened to Goldman Sachs?

Goldman declined to comment. Goldman has eliminated thousands of jobs this year. In January it cut roughly 3,200 jobs, or 6.5 per cent of its workforce, in an effort to reduce costs following a dramatic slowdown in investment banking activity and losses at its consumer banking business. A number of senior executives have also quit the bank. ...

What's going on with Goldman Sachs' 'targeted' employee reductions?

Goldman Sachs ( GS) Chief Operating Officer John Waldron said the company is now making a new round of "targeted" employee reductions, one of several Wall Street giants cutting jobs amid a dealmaking slump. The cuts will amount to roughly 250 layoffs, said a person familiar with the matter, from a workforce of roughly 45,000. ...

Will Goldman Sachs cut jobs?

Goldman Sachs will start cutting thousands of jobs across the business from this week in an effort to sharply cut costs, according to reports. The US investment banking giant is expected to axe around 3,200 roles as it prepares for tough economic conditions, including recessions in many key markets. ...

Why is Goldman Sachs cutting back?

Goldman is not the only Wall Street firm cutting back as deal making dries up. The slowdown is largely due to a rapid rise in interest rates, economic uncertainty and turmoil in the banking industry. Most major banks that advise on mergers or IPO underwriting reported drops in fee revenue during the first quarter. ...

Will Goldman Sachs layoffs affect more than 3,000 employees?

Reports indicate that investment banking giant Goldman Sachs will begin layoffs affecting more than 3,000 employees later this week. Fears of an incoming economic downturn have led to these layoffs, following major job cuts that impacted over 125,000 employees in 2022. ...