Goldman Sachs is cutting jobs again amid Wall Street deals slump

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David Solomon, Chief Executive Officer of Goldman Sachs & Co., speaks during the Milken Institute Global Conference on Monday, April 29, 2019, in Beverly Hills, California, US.

Kyle Grillot | Bloomberg | Getty Images

Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to a slowdown in deals activity.

A person with knowledge of the New York-based bank’s plans said Tuesday that the company expects to cut no fewer than 250 jobs in the coming weeks.

Goldman Sachs, led by CEO David Solomon, was one of the first major Wall Street firms to cut jobs in September. a few hundred positions. It dropped more jobs in January, released nearly 3,200 employees, Morgan Stanley announced about 3,000 job cuts this month, and JPMorgan Chase planning to cut 500 jobsCNBC reported last week.

But Goldman is tied to more ups and downs of Wall Street compared to its rivals. Its first quarter trading and advisory revenue declined 16% Contribution Off to a disappointing start to the year.

Managing directors and some partners will be affected by the Goldman cuts, according to the person, who declined to speak about the layoffs. The Wall Street Journal reported the news earlier on Tuesday.

Goldman had 45,400 employees as of March 31, a decline of 6% from the fourth quarter of 2022.