Goldman Sachs Group has started cutting managing directors across the globe as the firm reduces its headcount amid a deals slump, according to people familiar with the matter.
About 125 MDs, including some in investment banking, will lose their jobs, said one of the people, who asked not be identified because the cuts aren't public. Not all of the layoffs have happened yet, the people said,
A representative for Goldman Sachs declined to comment.
The moves are
Goldman Sachs and other banks that ramped up hiring in 2020 and 2021 amid a surge in M&A and initial public offerings are now grappling with falling fees as dealmaking sputters.
Deal values have fallen more than 40% this year to $1.2 trillion, with Goldman Sachs the number two adviser globally, according to data compiled by Bloomberg. The last time the bank didn't top the rankings at the halfway point of a year was in 2018, the data show.
JPMorgan Chase is terminating about 40 investment bankers as part of its
In the past month, several Goldman Sachs veterans have joined competitors, including
