Goldman Sachs to lay off up to 4,000 workers: Report

ISTANBUL

Goldman Sachs is planning to lay off up to 4,000 of its employees, as the US-based global investment bank and financial services company struggles with low profitability and downturn in financial markets, said a media report on Friday.

The company may lower as much as 8% of its workforce early next year, news website Semafor reported. The firm has more than 49,000 employees.

The decision comes as the US Federal Reserve uses a tight monetary policy and major economies’ central banks lower the amount of liquidity around the world, which cause massive losses in financial markets.

Another investment bank and financial services firm Citigroup is laying off dozens of employees, while British multinational bank Barclays is letting go around 200 workers, according to the report.

Layoffs recently ticked up at big technology companies in the US and Europe due to record inflation, higher energy costs and central banks’ aggressive rate hikes that trigger recession fears in global economy.

Electric carmaker Tesla, social media company Twitter, e-commerce firms Amazon and Shopify, chipmakers Intel and Qualcomm, and software companies Microsoft and Salesforce are recently undertaking layoffs.

• Financial downturn
• Goldman Sachs
• Layoffs