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BUZZ-Goldman Sachs to cut up to 5% of workforce

Reuters
Mar 05, 2025
BUZZ-Goldman Sachs to cut up to 5% of workforce

** Goldman Sachs GS.N plans to trim staffing by 3% to 5% in an annual review process, equivalent to more than 1,395 jobs

** Shares of GS last down 2.5%, with it and other bank shares hit by worries about the Trump administration's launch of tariffs against Canada, Mexico and China

** A GS spokesperson called the job cuts part of the "normal, annual talent management process"

** GS conducted similar workforce reductions in 2023 amid stagnant dealmaking and a retreat from the consumer business

** Company reported its biggest quarterly profit in over three years in January, driven by increased deal fees and active trading markets

** GS stock up about 3% YTD, outperforming S&P 500 .SPX which is down 1%

** Stock is 12% below 52-week intra-day high of $672.19 reached on February 18, 2025

(Reporting by Noel Randewich)

((noel.randewich@tr.com;))

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