Goldman Sachs has decided to scrap a second round of planned job cuts this year after its investment banking unit produced stronger-than-expected results in the second quarter, according to a report..
A surge in investment banking fees and another stellar performance by the David Solomon-led lender’s traders convinced the bank’s top brass to pause plans for any performance-related layoffs, according to the Financial times, which cited unnamed people familiar with the matter.
The cuts had been pencilled in for September if there was any severe economic turmoil from President Trump’s tariff and trade policy, the FT added.
The recent strong performance by Goldman Sachs could be seen as a vindication by the bank’s top brass to hand CEO David Solomon an $80 million, five-year ‘golden handcuffs’ deal. AFP via Getty Images
The Wall Street giant, based at 200 West St. in lower Manhattan, currently employs roughly 46,000 people.
A