Goldman Sachs plans to make another round of job cuts — its third in less than a year — as dealmaking profits continue to tank, sources told The Post on Tuesday.
The David Solomon-led investment bank will cull an additional 250 workers on the heels of 3,200 being fired in January in what staff had dubbed “David’s Demolition Day,” an insider said.
The latest layoffs could come in the next few weeks and the cuts will hit employees at every level including managing directors and other senior executives, according to the Wall Street Journal.
In September, the Wall Street giant — which had 45,000 employees — had pink-slipped 1% to 5% of its under-performers.
A Goldman Sachs spokesperson declined to comment.
January’s layoffs were the most since Goldman culled its ranks following the 2008 financial crisis.
“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,” Solomon had told employees at the end of last year. “We need to proceed with caution and manage our resources wisely.”
Economic conditions haven’t improved much since then.
Regional bank failures have plagued the sector and the M&A and IPO activity that pushed banking profits higher during the pandemic has remained slow.
While another round of cuts seems sudden, some close to the bank say it’s in line with what management suggested might happen.
At the company’s investor day in February, President and Chief Operating Officer John Waldron and Chief Financial Officer Denis Coleman said the company would look to cut $1 billion in expenses in part by reducing compensation.
Goldman Sachs stock was down 1% — trading at $328 per share — on the news.
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