Goldman Sachs scaling down Russian operations

Goldman Sachs is continuing to scale down operations in Russia with additional layoffs expected by the end of summer. A number of staff have already been let go while further cuts are to be made in investment banking jobs as mergers and acquisitions become a less popular avenue for banks. While Goldman Sachs has recently abstained from wholesale job layoffs, the bank is projected to lose 10% of its Russian workforce within the next few weeks.

Goldman Sachs has been part of list of global investment banks that been scaling down their operations across Europe, as well as globally, as profit margins and revenues have dived, leaving shareholders searching for answers.

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Goldman Sachs’ rivals have all faced similar fates, albeit localized more in the European or UK realm, arguably the jurisdiction that has been the hardest hit due to high labor costs. Groups such as Deutsche Bank, Barclays, Standard Chartered, and others, have all had large swathes of employees on the chopping block, dating back to last year.

Moving forward, the aforementioned lenders all eye job cuts that number in the thousands, and in the case of several lenders, tens of thousands. While Goldman Sachs has abstained from wholesale job layoffs, it has experienced its fair share of losses, including across its Russian operations.

The past few months have seen a number of staff get axed, with additional layoffs already scheduled by the end of the summer, per a recent Reuters report. The majority of these cuts are relegated to investment banking jobs, given the cooling of certain avenues such as mergers and acquisitions (M&A). Citing the report, Goldman Sachs could be painting in broad strokes this summer, which could see the departure of up to 10% of its Russian workforce.