Goldman Sachs to cut 3,200 jobs this week

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Goldman Sachs will start one of its biggest rounds of job cuts ever, as the investment bank reportedly will axe 3,200 positions this week.

The financial services giant is expected to begin the process mid-week and the total number of people affected will reportedly not exceed 3,200. 

More than a third of those will likely be from within its core trading and banking units, it was first reported by Bloomberg.

It comes as the bank is expected to unveil pre-tax losses of more than $2bn (£1.7bn) for a new unit covering its credit card and instalment-lending business.

Under chief executive David Solomon, headcount has jumped 34pc since the end of 2018, climbing to more than 49,000 by the end of September last year.

Slowdowns in various business lines, including mergers and acquisitions, have left the bank facing a 46pc drop in profits, on about $48bn (£39.5bn) of revenue, according to analysts.

Read the latest updates below.

Source: telegraph.co.uk