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Goldman Sachs Announces New Round Of Layoffs As Deals Slump

U.S. investment bank Goldman Sachs (GS) has announced a new round of staff cuts as the number of deals being carried out on Wall Street remains in decline.

The new job cuts will be the third round of layoffs at Goldman Sachs since September 2022. The company said it expects to let 250 people go in the latest workforce reduction.

Goldman Sachs most recently fired 3,200 employees this past January. The investment bank had 45,400 employees as of March 31 this year.

Other investment banks have also cut staff, with Morgan Stanley (MS) letting 3,000 people go and JPMorgan Chase (JPM) trimming 500 jobs this year.

The headcount reductions come as Wall Street struggles with a slump in the number of initial public offerings (IPOs) and mergers and acquisitions (M&A) being carried out.

Goldman Sachs reported a 16% decline in first-quarter trading and advisory revenue, saying deals on Wall Street remain in decline since the U.S. Federal Reserve began raising interest rates and stock markets fell last year.

Managing directors and some partners at Goldman Sachs could be impacted by the latest job cuts, according to media reports.

Goldman Sachs’ stock is up 1% over the last 12 months at $330.83 U.S. per share.