Goldman Sachs has eliminated approximately 50 dealmakers in Europe as part of a larger cost-cutting initiative that will result in the departure of 3,000 staff.
According to sources familiar with the situation, the Wall Street titan laid off 5% of its dealmakers across Europe, the Middle East, and Africa, with varied levels of seniority affected as the bank made its largest cuts in 15 years.
In the past week, Goldman has undertaken extensive cuts across its business, with approximately 1,000 of the 3,200 employee losses slated for its banking and trading operation.
At the end of 2021, it employed 704 investment bankers within its Goldman Sachs International division, the majority of whom were located in the United Kingdom, and 295 individuals
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