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Goldman Sachs cuts 'modest' number of jobs

"At the outbreak of the pandemic, the firm announced that it would suspend any job reductions," the spokesperson said. "The firm has made a decision to move forward with a modest number of layoffs."

Richard Gnodde, International CEO of Goldman Sachs, speaks at an event to launch the private finance agenda for the 2020 United Nations Climate Change Conference (COP26) at Guildhall in London on February 27, 2020. Picture: AFP

NEW YORK - Goldman Sachs is undertaking "modest" staff cuts, a company spokesperson said Wednesday, joining other financial giants in trimming its number of employees.

"At the outbreak of the pandemic, the firm announced that it would suspend any job reductions," the spokesperson said. "The firm has made a decision to move forward with a modest number of layoffs."

Just under 400 jobs will be affected, according to a source familiar with the matter, a number equal to around 1% of the company's employees.

Wells Fargo and Citigroup have also cut some staff in recent weeks, according to US media reports.

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