Pain on Wall Street as banking giants plan major staff cuts

At Goldman Sachs, as many as 4,000 jobs are to be cut, and 1,500 more are planned to go at Bank of New York Mellon. (Image: Unsplash)

Bloomberg

Mon, 16 Jan 2023

By Yueqi Yang, Rodrigo Orihuela and Macarena MunozTwo of America’s largest financial institutions are planning thousands of staff layoffs, but a Madrid-based multinational bank may come to the rescue.About 1,500 employees of Bank of New York Mellon (BNY Mellon) are in the firing line as it makes reducing costs a top priority for this year.And at Goldman Sachs, as many as 4,000 jobs, or roughly 8% of the workforce, are being targeted as chief executive officer David Solomon battles to contain a slump in profit and revenue.But Banco Santand...

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