The cuts account for a small percentage of the firm’s personnel, said one of the people, who didn’t provide a specific figure.
Banks are cutting staff amid a drop in debt and equity issuances, along with weakness in some areas of the trading business. Goldman Sachs Group Inc. plans to eliminate several hundred roles starting this month, marking its biggest round of cuts since the start of the coronavirus pandemic. Canada’s six largest banks have bulked up in the last few years and may cut jobs, including in investment banking, which accounts for a large portion of their compensation expenses, said Adam Dean, president and founding partner of Dean Executive Search.
The situation is a stark reversal from less than a year ago, when the job market for capital-markets talent was booming, and the banks increased bonuses by the most in at least nine years.
Just like Goldman, you called it Jimmy Chill jimcramer
Massive profits but gotta cut jobs…
That's going to cause further selling in homes as all those laid out will sell.