Goldman Sachs to forgo second round of job cuts as outlook improves: Report

Goldman Sachs has decided not to go ahead with a second round of broad performance-based job cuts from its 46,000-strong workforce this year after a better-than-expected recovery in investment banking, Financial Times reported on Thursday.

Goldman declined to comment.

The bank's investment banking fees and client engagement have risen alongside continued strength in its trading division, the FT report said, citing people familiar with the matter.


Goldman's move on the cuts is subject to change if economic conditions shift, the newspaper said.

In March, Reuters had reported that the Wall Street bank was planning to trim its staff by 3% to 5% in an annual performance review process during spring.

The bank's second-quarter profit exceeded Wall Street expectations, as turbulent markets raised revenue in its equities division to a record, and a pickup in dealmaking boosted investment banking.