<a href="https://www.hotnewhiphop.com/339300-scooter-braun-hit-with-s50mil-lawsuit-by-former-goldman-sachs-partner-news" target="_blank" rel="noreferrer noopener">Goldman Sachs</a> intends to lay off as many as 3,200 employees this week, according to a new report from Fox Business. It would be one of the biggest job cuts ever for the investment bank.



While the cuts will primarily affect the firm’s investment banking division, <a href="https://www.hotnewhiphop.com/448771-meta-plans-to-lay-off-11000-employees" target="_blank" rel="noreferrer noopener">layoffs</a> will still hit most major divisions.



Speaking during the company&#8217;s third-quarter earnings report, CEO David Solomon explained that even &#8220;against the backdrop of uncertainty and volatility in the markets, we continue to prudently manage our resources and remain focused on risk management as we serve our clients.&#8221;



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1024" height="661" src="https://editor.urbanlinx.net/wp-content/uploads/2023/01/GettyImages-526243022.jpg" alt="" class="wp-image-618911" srcset="https://editor.urbanlinx.net/wp-content/uploads/2023/01/GettyImages-526243022.jpg 1024w, https://editor.urbanlinx.net/wp-content/uploads/2023/01/GettyImages-526243022.jpg?resize=300,194 300w, https://editor.urbanlinx.net/wp-content/uploads/2023/01/GettyImages-526243022.jpg?resize=768,496 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">A Goldman Sachs logo is displayed on the floor of the New York Stock Exchange in New York City, on Wednesday, August 11, 2010. The Dow lost over 265.42 closing at 10378.83 points on poor economic reports. (Photo by Ramin Talaie/Corbis via Getty Images)</figcaption></figure>



The bank’s revenue during the third quarter of 2022 dropped 12% from a year ago while investment banking revenue dropped 57%. At the end of the third quarter, they maintained 49,100 employees.



The report follows Solomon&#8217;s own admission in December that the company had been looking to cut back on expenses.



&#8220;We continue to see headwinds on our expense lines, particularly in the near term,&#8221; Solomon said during a conference. &#8220;We’ve set in motion certain expense mitigation plans, but it will take some time to realize the benefits.&#8221;



At the time, reports had surfaced that the company intended to slash 8% of its workforce. Additionally, they were reportedly considering cutting the bonus pool by at least 40%.



The new wave of layoffs comes after the firm already laid off 500 employees in September.



Goldman Sachs has declined to comment on the report.



Experts expect 2023 to be a tumultuous year for the economy. Amazon announced earlier this month that it intends to lay off more than 18,000 employees.



[<a href="https://www.foxbusiness.com/economy/goldman-sachs-lay-off-3200-people-this-week" target="_blank" rel="noreferrer noopener">Via</a>]