Reported 18 days ago
Goldman Sachs announced a 37% increase in third-quarter profits, reaching $4.1 billion, amidst a thriving investment banking climate driven by a booming stock market and increased merger activity. Despite this growth, CEO David Solomon warned of impending layoffs, targeting low performers and roles that could be replaced by AI, as part of an effort to manage risks in a volatile market. The bank plans to maintain a net increase in employees by reallocating cost savings to current staff and new hires.
Source: YAHOO