Goldman Sachs layoffs a 'sign of pain' in banking industry -CIO

STORY: Goldman Sachs Group Inc GS.N is planning to cut thousands of employees to navigate a difficult economic environment, a source familiar with the matter said.

The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps.

Spika said the news of layoffs at Goldman is "a sign that - not just banking, but the broad financial services sector - is starting to feel some pain."