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The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
Goldman Sachs began laying off staff on Wednesday in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said.
The long-expected jobs cull at the Wall Street titan, expected to represent the biggest contraction in headcount since the financial crisis, is likely to affect most of the bank's major divisions, with its investment banking arm facing the deepest cuts, a source told Reuters this month.
Just over 3,000 employees will be let go, the source, who could not be named, said on Jan. 9. A separate source confirmed on Wednesday that cuts had started.
The layoffs began in Asia on Wednesday, where Goldman completed cutting back its private wealth management business and let go of 16 private banking staff across its Hong Kong, Singapore and China offices, a source with knowledge of the matter said.
About eight staff were also laid off in Goldman's research department in Hong Kong, the source added, with layoffs ongoing in the investment banking and other divisions.
At Goldman's central London hub, rainfall lessened the prospect of staff huddles. Several security personnel actively patrolled the building’s entrance, but few people were entering or leaving the property. A glimpse into the bank’s recreational area just beyond its lobby showed a handful of staffers in deep conversation but few signs of drama. Wine bars and eateries local to the office were also short of post-lunch trade, in stark contrast to large-scale layoffs of the past when unlucky staffers would typically gather to console one another and plan their next career moves.
In New York, employees were seen streaming into headquarters during the morning rush.
Goldman's redundancy plans will be followed by a broader spending review of corporate travel and expenses, the Financial Times reported on Wednesday, as the U.S. bank counts the costs of a massive slowdown in corporate deal-making and a slump in capital markets activity since the war in Ukraine.
Goldman Sachs declined to comment.
Goldman had 49,100 employees at the end of the third quarter, after adding significant numbers of staff during the coronavirus pandemic.
The company is also cutting its annual bonus payments this year to reflect depressed market conditions, with payouts expected to fall about 40%.
Global investment banking fees nearly halved in 2022, to US$77 billion earned by the banks, down from US$132.3 billion a year earlier, Dealogic data showed.
Banks struck US$517 billion worth of equity capital markets transactions by late December 2022, the lowest level since the early 2000s and a 66% drop from 2021's bonanza, based on Dealogic data.
(Reporting By Sinead Cruise and Iain Withers in London, Selena Li in Hong Kong, Scott Murdoch in Sydney and Saeed Azhar in New York; Editing by Megan Davies, Elaine Hardcastle, Jane Merriman and Bernadette Baum)
The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
A ‘lifetime of abuse’ led Dallas Ly to snap and repeatedly stab his mother inside their Leslieville apartment in 2022 but he never intended to kill her, his defence lawyers argued during his murder trial in Toronto on Thursday.
A burgeoning track star says his dream of going to the Olympics is being derailed by a deportation order after Immigration officials rejected his family’s claim for asylum
A father has been charged with second-degree murder in the stabbing death of his 34-year-old daughter in southern Quebec.
A medical examiner says a Massachusetts teen who participated in a spicy tortilla chip challenge died from ingesting a substance 'with a high capsaicin concentration.'
A Montreal father who kidnapped his daughter who has autism and lied to police when they asked where she was should serve three years in prison, a Crown prosecutor said.
The province’s health minister and solicitor general are urging Toronto to rescind its request to decriminalize simple possession of small amounts of drugs for personal use, calling the proposal 'misguided' and 'disastrous.'
Prime Minister Justin Trudeau assailed New Brunswick's premier and other conservative leaders on Thursday, calling out the provincial government's position on abortion, LGBTQ youth and climate change.
A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
ALS patient Mathew Brown said he’s hopeful for future ALS patients after news this week of research at Western University of a potential cure for ALS.
When Adam Kirschner wrote 'Slap Shot,' he never imagined the song would be embraced by his favourite team.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.