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Goldman Sachs Group plans to eliminate thousands of its employees to deal with a tough economic climate.
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The layoffs are the latest indication that the cuts are increasing all over Wall Street as dealmaking dries up.
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Investment banking revenue has plummeted this year due to an increase in mergers and share sales which is a stark contrast to 2021's blockbuster, where bankers got huge pay raises.
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Goldman Sachs had 49,100 employees at the close of the last quarter after increasing the number of staff during the outbreak.
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The number of people living in the country will be above pre-pandemic levels, a source added.
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The total number of workers was 38,300 as of the close of 2019, according to a document.
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The number of employees who are affected by layoffs is currently being discussed, and the specifics are likely to be finalized in the early part of next year.
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The bank is considering an abrupt cut to bonuses for the year for this year.
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It is in contrast to increases from 40 or 50% to the top-performing investment bankers in 2021.
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