Goldman, Allstate Are Latest Blue-Chip Companies to Cut Jobs

Goldman Sachs  (GS) – Get Report has joined a growing list of large banks and other blue-chip companies resuming full-time job cuts as the coronavirus pandemic continues to pummel economic growth.

Goldman is embarking on a plan to eliminate about 1% of its workforce, or roughly 400 positions. The Wall Street bank joins other lenders in the U.S. and Europe including Citigroup  (C) – Get Report, Wells Fargo  (WFC ) – Get Reportthat have announced job cuts this year.

Goldman’s move follows a flurry of job-cut announcements this week from the likes of Allstate  (ALL) – Get Report, Walt Disney  (DIS) – Get Report and Dow Inc.  (DOW) – Get Report that indicate the pandemic’s impact is now entering an extended phase where companies are cutting full-time management positions. 

Source Article