US bank Goldman Sachs is preparing a workforce regulation that will affect nearly 4,000 workers. 8% of its employeesAccording to various media reports, in order to increase the profitability of the enterprise.
According to the ‘Semaphore’ news platform, the bank would ask managers to identify these people. low performing employees According to unnamed knowledgeable sources, what could be a cut of up to 8% of the workforce early next year.
In this sense, the publication is Goldman Sachs’ typically distributes 2% to 5% of employees in a normal financial yearBeing laid off or not receiving any bonuses is assimilated in the industry as a sign to start looking for another job.
The ‘Financial Times’ points out that plans are still in preparation, so the final scope of the regulation “Up to 8%” of its 49,000 employees According to three anonymous sources familiar with the controversy, it could be reduced if the outlook improves.
One of the people consulted by the newspaper, deductions would be distributed among different parts of the bankrather than focusing on a single unit or country.
Wall Street assets face less activity and a decline in trading in capital markets after a perfect 2021This translated into a strong increase in hiring and huge bonuses. Investment banking fees are down 35% so far this year, according to Refinitiv data.
In this sense, the ‘Financial Times’ adds that Goldman Sachs is under special pressure to improve its margins after 2018. the stock market value of the bank fell compared to their peers for several years.
Last October, the bank announced that its business was “reorganized” around its three core business segments. Attributable net profit fell 44% in the third quarter of 2022 According to the result of the same period last year, it increased to 2,962 million dollars (2,783 million euros).
Specifically, the US bank made an announcement. “reorganization” of their work around three major segments: Asset and asset management; Banking and global markets; and Platform Solutions.