The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.3 - Trusts, funds and similar financial entities
100 - 1,000 jobs Number of planned job losses
Announcement Date
1 June 2016
Employment effect (start)
6 June 2016
Foreseen end date
31 December 2016
Description
Goldman Sachs is to cut senior positions (director and vice president level) from its offices in London, New York, and Hong Kong. These cuts are largely seen as a response to a 60% decline in first quarter profits in 2016, as the bank adjusts to what it has recently described as a "lower growth environment"; indeed, there has been a slowdown in dealing and trading across the bank as a whole in the first quarter of 2016. The affected positions will be in the mergers and debt & equity capital teams. 2015 saw a record year in terms of turnover for the mergers and acquisitions team, and this streamlining is a way of capitalising on this changes during 2016. These cuts are in addition to Goldman Sachs' usual cuts of around 5% of the workforce who "under-perform" to make way for new hires.
Sources
1 June 2016: City AM
1 June 2016: The Street
Citation
Eurofound (2016), Goldman Sachs, Internal restructuring in World, factsheet number 87660, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87660.
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