Business

Layoff sword on Goldman Sachs employees

New York. Banking major Goldman Sachs may lay off hundreds of employees. Goldman Sachs declined to comment, but noted lower profits in its July earnings report.
The BBC reported that cuts at the financial investment firm could begin next week and affect the company’s employees. According to the report, the company’s chief financial officer Dennis Coleman said at the time, “We have decided to slow down the pace of hiring.” The investment bank had warned that it may have to cut spending if the economic scenario worsens. It reported a 48 percent drop in its second-quarter profit as people grapple with inflation, rising interest rates, the coronavirus pandemic and the war in Ukraine. Its investment banking division generated revenue of $2.1 billion, down 41 percent from a year earlier.
Goldman Sachs chief executive David Solomon said there is no doubt that the market environment has become more complex and the combination of macroeconomic conditions and geopolitics has a physical impact on asset prices, market activity and confidence. is having an impact. (IANS)

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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