Goldman Sachs Unloads 30 Bankers in Asia
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As many as 30 bankers have left Goldman Sachs in Asia, as part of a global exercise to trim workers.
Up to 30 investment bankers have left Goldman Sachs in Asia, sources said, across teams in equity capital markets, healthcare as well as technology, media and telecommunications (TMT), especially those involved in Greater China deals.
Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment, said a spokesperson for the bank. We continue to remain flexible while executing against our strategic growth priorities.
According to a source familiar with the matter, the job cuts are part of a yearly practice that has been paused for two years during the pandemic.
Separately, a Reuters report last week said that Goldman’s annual exercise typically results in a 1-5 percent reduction of staff each year with 2022 expected to result in the lower end of that range. Globally, the bank’s headcount reached 47,000, as of end-June, up 15 percent year-on-year.
Questions & Answers
Q.Which specific departments or areas within Goldman Sachs Asia saw these bankers leave?
Which specific departments or areas within Goldman Sachs Asia saw these bankers leave?
The departures occurred across various teams, including equity capital markets, healthcare, and technology, media and telecommunications (TMT). Many of those affected were involved in Greater China deals.
Q.Is this reduction in staff a typical occurrence for Goldman Sachs?
Is this reduction in staff a typical occurrence for Goldman Sachs?
Yes, it is part of a yearly practice that had been paused for two years during the pandemic. Goldman typically reduces staff by 1-5 percent annually, with 2022 expected to be at the lower end of this range.
Q.Despite these departures, has Goldman Sachs' overall global headcount increased recently?
Despite these departures, has Goldman Sachs' overall global headcount increased recently?
Yes, globally, the bank's headcount reached 47,000 as of the end of June. This represents a 15 percent increase year-on-year, despite the recent trimming exercise.
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