Goldman Sachs to cut Aussie jobs this week

The Australian staff of Goldman Sachs will be a part of its global layoff process, announced earlier this week, with cuts among junior staff expected to take place in Australia within the coming days.

It is understood the move will be in line with the bank’s global plans which will affect all divisions and all parts of the organisation.

According to various media outlets, the investment bank will be laying off between 10 to 12 people across its Australian investment banking arm.

The Australian Financial Review had reported that Goldman Sachs had already suspended its sell-side research on real estate investment trusts (REITs) listed in Australia and New Zealand as one analyst had left the firm and another one had moved to a different position.

The client base in Australia and New Zealand includes financial institutions, governments and high-net-worth individuals who are served through Goldman Sachs’ asset management, corporate advisory and equities arms.

Earlier this week, it was announced that globally the investment bank was preparing to reduce approximately 3,000 roles from its 49,100 global headcount, in a move described as the largest layoffs since the 2008 financial crisis.

According to Reuters, the bank had increased its staff significantly during the coronavirus pandemic and the  global cuts were expected to come ahead of the bank’s annual bonus payments delivered later in January.