Layoffs Are Hitting Goldman Sachs As The Economy Causes More Pain For Wall Street

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Roughly 12 TMT bankers were let go — six in New York and six in San Francisco, the person familiar with that team said. The spokesperson disputed that figure, saying that the number was “high.”

After reporting a 41% decline in year-over-year investment banking revenues in July, Goldman’s CFO Denis Coleman said the bank would return to its practice of culling low performers.

The return to layoffs will surely spook Wall Street talent, especially those just starting.

“I’ve been doing this for years. It’s happened before. And it’s going to happen again,” a Goldman banker told Insider of the layoffs. “It’s a combination of a bad year, so there’s less money to pay people, so you need fewer people.”