Goldman Sachs is cutting jobs again amid the slump in Wall Street deals

Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms brace for a slump in business activity.

The company is expected to cut fewer than 250 jobs in the coming weeks, a person with knowledge of the New York bank’s plans said on Tuesday.

Goldman Sachs, led by CEO David Solomon, was among the first major Wall Street companies to cut jobs in September, cutting a few hundred jobs in the process. In January, further jobs were then cut and about 3,200 employees were made redundant. MorganStanley announced this month about 3,000 job cuts and JPMorgan Chase About 500 jobs have been cut, CNBC reported last week.

But Goldman is more connected to the ups and downs of Wall Street than its peers. The combined 16% decline in trading and consulting revenue in the first quarter contributed to a disappointing start to the year.

CEOs and some partners will be affected by the cuts at Goldman, according to the person, who declined to be named in terms of layoffs. The Wall Street Journal reported the news earlier Tuesday.

Goldman had 45,400 Headcount as of March 31, down 6% from the fourth quarter of 2022.

Clarification: This story has been updated to reflect that JPMorgan Chase cut about 500 jobs last week.