[NYPOST] Goldman Sachs has begun axing managing directors across the globe as the Wall Street giant looks to cut costs amid a profitability crunch, sources familiar with the matter told Bloomberg.About 125 managing directors, including some in investment banking, are going to be fired as part of a round of layoffs that’s set to affect 250 employees at every level, a spokeswoman told The Post.
While the spokeswoman declined to comment any further, sources — who asked to remain anonymous since the matter isn’t public — told Bloomberg that managing directors have already begun to receive pink slips.
The latest reduction in headcount comes as deal values have fallen more than 40% to $1.2 trillion this year.
Goldman Sachs ranked as the No. 2 adviser globally, according to data compiled by Bloomberg.
The last time the bank didn’t place first at the year’s halfway point was in 2018, the data showed.
| Wall Street financial firms regularly expand and contract following the rise and fall of the markets. It’s a known risk for those who take jobs there, and is equally regularly followed by staffing movement in the opposite direction as regional and local firms pick up top notch staff on the cheap. |
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