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OEXN: Goldman Sachs to Cut Jobs Even as Profits Soar

Goldman Sachs announced Tuesday it is on track for a record year in its investment banking and markets division, with third-quarter profits up 37% to $4.1 billion and revenue rising 20% to $15.18 billion — both beating expectations. However, operating expenses climbed 14%, and shares fell about 2%. Despite strong results, CEO David Solomon cautioned against investor “exuberance,” emphasizing disciplined risk management. The bank plans another round of layoffs, targeting over 1,000 low performers and roles that can be replaced by AI, as part of a broader digital transformation. Cost savings will be redirected to boost pay and fund new hires, resulting in a net staff increase by year-end. A boom in mergers, debt financing, and AI-related investments has fueled Wall Street’s rebound. Goldman’s debt underwriting revenue jumped 30% year over year, and investment banking revenue surged 42%, driven by advisory fees. The firm also posted record equity financing revenue and a 9% increase in FICC financing.

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Publication date:

2025-10-16 11:27:40 (GMT)

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