Another Cut

Another Cut

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  • Goldman Sachs Group shares edged up slightly in pre-market trading on news that the investment bank will start a significant round of layoffs later this week. According to many media sources, a customary end-of-year assessment led by CEO David Solomon would likely result in Goldman cutting 3,200 jobs. More than a third of them are likely to come from the company's core banking and trading operations, reflecting the scale of the reductions, which are anticipated to begin mid-week.
  • In October, following the release of its third-quarter profits, Goldman announced plans to divide its business reporting into three distinct segments, down from four. The newly created divisions will comprise platform solutions, global banking and markets, and asset and wealth management. But over the weekend, it was reported that Goldman is planning to disclose a $2B loss in its redefined platform solutions unit, which holds its international fintech business.

Why it matters

Goldman shares were tagged 0.26% higher, indicating an opening bell price of $349.00 per share. Goldman is anticipated to release its fourth quarter financial results next week. Investors anticipate $5.65 per share on $10.92B in sales and approximately $2.06B in net interest income.


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