The management of U.S. Goldman Sachs, one of the world’s largest investment banks, will lay off about 125 general managers worldwide in the foreseeable future due to the decline in transactions. At the same time, the financial holding has already initiated the dismissal process among the top management, informs The Bloomberg agency cites industry sources.
Representatives of the American bank did not confirm or deny the above information. Credit agency employees declined to comment. At the same time, over the past year, Goldman Sachs management has already decided to reduce the number of employees, the article states.
“About 125 general managers will lose their jobs, including some large investment banking companies. Abbreviations are not public. <…> The moves are part of a major cost-cutting program at the bank, which has experienced at least three layoffs in less than a year.
The May 31 edition of Politico cites an explanatory note from Morgan Stanley Chief Economist Seth Carpenter. reportedU.S. national banks will suffer some loss even with the increase in the national debt ceiling. The Treasury will have to increase its borrowing volume, as a result of which interest rates in the domestic market may rise and banks’ profits may decrease.