Goldman Sachs has decided against making a second round of broad performance-based job cuts this year after a better than expected recovery in investment banking, according to people familiar with the matter.
A rise in investment banking fees and client engagement along with continued strength in its trading division contributed to Goldman’s decision not to make further reductions to its roughly 46,000-strong workforce, the people said.
The Wall Street bank pruned staff this spring as part of its annual cull to manage expenses and staff performance. A low, single-digit percentage of its employees were included in the lay-offs.
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