Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

• Goldman to cut thousands of staff as Wall Street layoffs intensify –source
• The layoffs are the latest sign that cuts are accelerating across Wall Street as deal making dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps.
• The number of employees that will be affected by the layoffs is still being discussed, and details are expected to be finalized early next year, the source said.
• Goldman shares have slumped almost 10% this year
• Semafor earlier on Friday reported that Goldman will lay off as many as 4,000 people as the bank struggles to meet profit targets, citing people familiar with the matter.
• Goldman Sachs declined to comment. The latest plans come after Goldman cut about 500 employees in September,
• Global banks, including Morgan Stanley (MS.N) and Citigroup Inc (C.N), have reduced their workforces in recent months as a dealmaking boom on Wall Street fizzled out due to high interest rates, tensions between the United States and China, the war between Russia and Ukraine, and soaring inflation.

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