Investment giant Goldman Sachs has begun a massive round of job cuts around the world as it tightens its belt in the face of falling profits.
The cuts will affect up to 3,200 staff or roughly 6.5% of the bank's workforce, including staff in the UK. The cuts are among the biggest made by banks this year as economic uncertainty puts lenders under pressure. Goldman is also reviewing its expenses, including bonuses and the firm's purchase of two private jets. The company ordered the planes in 2019, a reversal of the company's previous policy that raised eyebrows at the time. "We're looking at expenses in every corner of the firm, so it's ridiculous to focus on any single segment or item," a spokesman told the BBC. Goldman, which employs roughly 49,000 people worldwide and about 6,000 people in the UK, has already cut hundreds of jobs this year. The moves follow a hiring surge, which has boosted headcount by roughly 10,000 people since December 2019.
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