US Bank, Goldman Sachs, has announced plans to lay off 3,200 workers, starting this week. Falling 2% short of its intended cut-back, close to 629 workers will heave a sigh of relief as they continue to keep their jobs alongside the rest 45,300 workers who make up the bank’s total workforce. The bank, disclosed the decision on Tuesday, adding that such measures are crucial in the face of unfavourable market conditions.
The crypto-friendly bank had, in September, pushed the pedal on a large swathe of corporate lay-offs, labelling it an annual routine pruning of selected underperformers, even as a large majority of Wall Street big players like Morgan Stanley, Barclays, and Citigroup continued to grow leaner to survive.
With over $900 billion in valuation and close to $29 in profits last year, investors remained confident, CEO David Solomon, had had enough stashed for prolonged downturns. Much of its public confidence stemmed from the bank’s decision to roll out a $10 million bail-out fund for trustworthy crypto firms affected by the fallout of FTX.
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