The bank confirmed that it plans to eliminate less than 1% of its workforce – around 400 positions. The company said the jobs would be cut, with a total of 39,100 employees as of July. Goldman states that no specific situation will be more affected than others.
“At the outbreak of the epidemic, the firm announced that it would suspend any job cuts,” the company said. “The firm has decided to proceed with a modest number of layoffs.”
The news comes that Goldman has seen an increase in revenue from its deal and trading arm, with rival lenders also struggling.
In June, HBSC resumed its plans to eliminate 35,000 jobs in efforts to reduce its global headcount and cut costs. The bank initially halted layoffs in April to reduce uncertainty for employees. Wells Fargo, which was slapped by the Federal Reserve with a $ 2 trillion asset cap, will also eliminate jobs, among other financial problems as it tries to reduce spending by $ 10 billion.