Goldman Sachs starts massive round of job cuts

Investment giant Goldman Sachs has begun a massive round of job cuts around the world as it tightens its belt in the face of falling profits.

The cuts will affect up to 3,200 staff or roughly 6.5% of the bank's workforce, including staff in the UK.

The cuts are among the biggest made by banks this year, as slower economic growth puts lenders under pressure.

Goldman is also reviewing its expenses, including bonuses and the firm's purchase of two private jets.

"We're looking at expenses in every corner of the firm, so it's ridiculous to focus on any single segment or item," a spokesman told the BBC.

Goldman, which employs roughly 49,000 people worldwide and about 6,000 people in the UK, has already cut hundreds of jobs this year.

Its chief executive David Solomon has repeatedly raised concerns about the economic outlook in recent months, saying clients were being cautious and the environment was driving him to look at reducing costs.

Overall revenues at the bank dropped 20% in the first nine months of the year, compared to 2021 when business was booming. Profits fell even more sharply.

Morgan Stanley and Citigroup are among the other major banks to have trimmed staff in recent months as economic uncertainty rises and a market downturn puts a dampener on mergers and stock listings.