Goldman Sachs Plans Job Cuts Amidst Market Revenue Decline

Goldman Sachs plans to cut more jobs as the difficult economic environment weighs on dealmaking, and warns trading revenue could fall 25% this quarter. The firm is expected to cut just under 250 jobs in the coming weeks. Goldman Sachs CEO David Solomon had championed Goldman's foray into consumer banking since taking the reins in 2018. But the consumer operations largely failed to gain traction against well-established consumer banks and lost billions of dollars due to credit provisioning.