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Goldman Sachs, like many other companies, has experienced financial difficulties due to the ongoing COVID-19 pandemic and has announced layoffs as a result. The firm is known for periodically reducing staff to cut costs, and this can happen for various reasons like recession, technology disruption, shift in business focus or even business performance. The financial services industry has been hit hard by the pandemic, with many firms experiencing a decline in revenue. This, along with the ongoing trend of automation and digitalization of business, means that many companies are looking to reduce staff in order to cut costs. It is expected that Goldman Sachs layoffs will be more focused on its trading and investment banking division, as well as other departments such as administration and support.
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