News: Goldman Sachs to cut hundreds of consumer banking staff

Employee Relations

Goldman Sachs to cut hundreds of consumer banking staff

Reductions to hit consumer banking as Goldman Sachs reverses expansion. The company will also stop originating unsecured consumer loans.
Goldman Sachs to cut hundreds of consumer banking staff

Goldman Sachs is considering sacking hundreds of employees from the consumer business. The company is also likely to stop offering personal loans through its retail banking platform, Marcus, which was launched in 2016. 

According to a recent report by Financial Times, the job cuts would be in addition to Goldman Sachs’ annual paring of employees who underperform. The firm employs 49,000 people worldwide. 

CEO David Solomon said last week at an industry conference that Goldman Sachs had “set in motion certain expense mitigation plans, but it will take some time to realise the benefits,” read the same report. 

These moves come as the firm — like others on Wall Street — has seen investment activity plummet. 

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Topics: Employee Relations

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