Internal restructuring
Location of affected unit(s)
UK, USA, Hong Kong
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.3 - Trusts, funds and similar financial entities

100 - 1,000 jobs
Number of planned job losses
Job loss
Announcement Date
1 June 2016
Employment effect (start)
6 June 2016
Foreseen end date
31 December 2016


Goldman Sachs is to cut senior positions (director and vice president level) from its offices in London, New York, and Hong Kong. These cuts are largely seen as a response to a 60% decline in first quarter profits in 2016, as the bank adjusts to what it has recently described as a "lower growth environment"; indeed, there has been a slowdown in dealing and trading across the bank as a whole in the first quarter of 2016. The affected positions will be in the mergers and debt & equity capital teams. 2015 saw a record year in terms of turnover for the mergers and acquisitions team, and this streamlining is a way of capitalising on this changes duringĀ 2016. These cuts are in addition to Goldman Sachs' usual cuts of around 5% of the workforce who "under-perform" to make way for new hires.


  • 1 June 2016: City AM
  • 1 June 2016: The Street


Eurofound (2016), Goldman Sachs, Internal restructuring in World, factsheet number 87660, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87660.