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Goldman Sachs - Massive jobs cut and cost cutting

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Goldman’s Ax

What’s Going On Here?

Investment banking giant Goldman Sachs is set to make the biggest set of cost cuts since the financial crisis, according to news out on Wednesday.

What Does This Mean?

Goldman Sachs isn't your average Joe when it comes to banking: the firm focuses on bonanza corporate deal-making and securities trading, and doesn’t bother lending peanuts to typical punters like the rest of us. Problem is, even Goldman’s pro trading clients are now sitting on trembling hands, and fearful firms have no desire to pour piles of cash into big deals in this environment. Goldman, then, has resorted to some extremely unglamorous tactics: the firm’s slashing 3,000 jobs (tweet this), cutting back on hoity-toity office supplies, and selling off private jets – grab the world’s smallest violin, stat.

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