Goldman Sachs is planning to lay off several hundred employees over the next few months. The investment banking division of Goldman makes most of its revenue from helping companies go public, buy other companies or merge together to form mega corporations an operation called M&A.
But high interest rates have slowed down this industry dramatically because companies are being careful about taking on too much debt to purchase another company.
12 months ago, Goldman had to offer huge signing bonuses to junior analysts because they couldn’t keep up with industry demand, and now with revenues down 41% they are going to be laying off those same workers.
But there may be hope yet for the 25 year-olds earning 300k, the rising value of the dollar is tempting a lot of American companies to buy up Asian and European competitors at a 30% discount so there might be work for them to do after all.
#shorts
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Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
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