Goldman Sachs will begin mass layoffs this week as it braces for an incoming recession.
According to sources familiar with the matter, around 3,000 employees will be impacted, but that number has yet to be finalized.
Like many other companies, Goldman went on a hiring spree during the pandemic and is now suffering from an inflated workforce.
Layoffs are expected to affect many of the company’s departments, but will mostly be geared towards its investment banking arm, which has struggled due to a disappointing stock market.
Over the last several months, Goldman has made major strides in returning to what feels like pre-pandemic normalcy. It reinstated its performance review process and conducted hundreds of layoffs last September.
Job cuts have infiltrated many parts of the workforce in recent months, with banking and tech firms among some of the highest risk careers at the moment. While the rate of layoffs has greatly varied across industry, a recession has the potential to put many more organizations at risk.