Goldman Sachs Slimming Down its Russian Operations as Cuts Mount
- Goldman's Russian operation is slated for a lean summer.
Goldman Sachs has been part of list of global investment banks that been scaling down their operations across Europe, as well as globally, as profit margins and revenues have dived, leaving shareholders searching for answers.
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Goldman Sachs’ rivals have all faced similar fates, albeit localized more in the European or UK realm, arguably the jurisdiction that has been the hardest hit due to high labor costs. Groups such as Deutsche Bank, Barclays, Standard Chartered, and others, have all had large swathes of employees on the chopping block, dating back to last year.
Moving forward, the aforementioned lenders all eye job cuts that number in the thousands, and in the case of several lenders, tens of thousands. While Goldman Sachs has abstained from wholesale job layoffs, it has experienced its fair share of losses, including across its Russian operations.
The past few months have seen a number of staff get axed, with additional layoffs already scheduled by the end of the summer, per a recent Reuters report. The majority of these cuts are relegated to investment banking jobs, given the cooling of certain avenues such as mergers and acquisitions (M&A). Citing the report, Goldman Sachs could be painting in broad strokes this summer, which could see the departure of up to 10% of its Russian workforce.
Goldman Sachs has been part of list of global investment banks that been scaling down their operations across Europe, as well as globally, as profit margins and revenues have dived, leaving shareholders searching for answers.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Goldman Sachs’ rivals have all faced similar fates, albeit localized more in the European or UK realm, arguably the jurisdiction that has been the hardest hit due to high labor costs. Groups such as Deutsche Bank, Barclays, Standard Chartered, and others, have all had large swathes of employees on the chopping block, dating back to last year.
Moving forward, the aforementioned lenders all eye job cuts that number in the thousands, and in the case of several lenders, tens of thousands. While Goldman Sachs has abstained from wholesale job layoffs, it has experienced its fair share of losses, including across its Russian operations.
The past few months have seen a number of staff get axed, with additional layoffs already scheduled by the end of the summer, per a recent Reuters report. The majority of these cuts are relegated to investment banking jobs, given the cooling of certain avenues such as mergers and acquisitions (M&A). Citing the report, Goldman Sachs could be painting in broad strokes this summer, which could see the departure of up to 10% of its Russian workforce.