Goldman Sachs is looking to save up to $600M by laying off more employees in the upcoming weeks and months. The investment bank says rising interest rates have dampened merger activity, causing the company to reassess in the current marketplace. President John Waldron said at an investment conference on Thursday that the company is "preparing for a tougher environment" and that the company is "running the firm tighter." - "Activity levels are definitely more muted. That's kind of what we expected. We are now embarking upon additional targeted actions with our headcount," said Waldron.
- Goldman reported it is weighing job cuts of under 250, primarily at the managing director level.
- Goldman's investment banking business saw its revenue fall in the first quarter of 2023 by 26%.
- The bank's earnings from equities and fixed-income trading are tracking down near 25%, according to Waldron.
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