Official announcements from Goldman Sachs or credible news reports

Goldman Sachs to Cut Over 1,300 Jobs Amid Fed's Capital Adjustments

Aug 30, 2024, 06:59 PM

The U.S. Federal Reserve has set new capital requirements for large banks following its annual stress tests conducted in June. Among the changes, the Fed has adjusted Goldman Sachs' stress capital buffer from 6.4% to 6.2%, effective October 1, after reviewing the bank's request. In a separate development, Goldman Sachs plans to lay off over 1,300 employees, affecting 3-4% of its global workforce. The layoffs are part of the bank's annual review process aimed at culling low performers.