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Goldman Sachs to Slim Down Alternative Investments That Affect Revenue

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Goldman Sachs to Slim Down Alternative Investments That Affect Revenue

<p>The asset
management arm of Goldman Sachs Group Inc. is preparing to reduce a significant
part of nearly $60 billion in alternative investments, Reuters reported on
Monday. A member of the firm's Board of Directors told the agency that the move
is expected to reduce the burden on financial performance and revenue.</p><p>Goldman Sachs Will Slim
Down Alternative Investments</p><p>Over the
next few years, Goldman Sachs wants to exit a number of positions and replace them
with external capital. The alternative investments will not be reduced
completely, as the giant intends to continue investing alongside funds instead
of individual deals on the balance sheet.</p><p>"I would
expect to see a significant decline from current levels," Julian
Salisbury, the Chief Investment Officer of Asset and Wealth Management at Goldman
Sachs, told Reuters during a recent interview.</p><p>The alternative
group of assets includes real estate or private equity, standing in opposition
to traditional instruments, such as bonds and <a href="" class="terms__main-term" id="d6e02698-4c6b-44dd-ab57-9ff12763325c" target="_blank">equities</a>. Detailed plans for the reduction
of assets will be presented at an investor day scheduled for February 28. </p><p>Goldman Sachs reported a very weak fourth quarter last year, falling short of Wall Street's
forecasted results. Like other major investment banks, it is having trouble with
a dealmaking slump, which led to the decision to cut staff. The current
reduction is expected to be one of the largest since the 2008 financial crisis.</p><p>In a
commentary on the results, the bank's CEO, David Solomon, wrote that under
challenging market conditions, the institution wants to strengthen its core
business and increase efficiency.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Our Chairman and CEO David Solomon comments on <a href="">$GS</a>' full year and 4Q 2022 earnings results: <a href=""></a> <a href=""></a></p>-- Goldman Sachs (@GoldmanSachs) <a href="">January 17, 2023</a></blockquote><p lang="en" dir="ltr">3,200
People Will Lose Their Jobs at Goldman Sachs</p><p>Back in
December 2022, <a href="" target="_blank" rel="follow">media reports suggested</a> that Goldman Sachs plans to reduce up to 8% of
its current workforce, laying off approximately 4,000 people. However, the bank
said in January that final cuts <a href="" target="_blank" rel="follow">would affect 3,200 jobs</a>.</p><p>More than
30% of the reduction will be in the trading and banking units, which are among
Goldman Sachs' core businesses. Overall employment has increased significantly since
2018, by 34% to nearly 50,000.</p><p>"We
are conducting a careful review, and while discussions are still ongoing, we
anticipate our headcount reduction will take place in the first half of
January," David Solomon, the Group's Chief Executive Officer, commented in
the annual year-end letter.</p><p>Check the recent FMLS22 panel on the acquisition in the era of mayhem.</p><p>
Big Banking
Players Cut Headcount</p><p>In addition
to Goldman Sachs, <a href="" target="_blank" rel="follow">the job cuts were announced by Credit Suisse</a>, which intends to slim
down its European investment banking division by 10% (about 9,000 people). The
financially troubled entity allegedly made hundreds of job cuts already in
December, primarily at its London and Zurich offices.</p><p>Barclays
slashed its workforce by 3% in November, cutting jobs in its corporate and
investment banking unit. In the same month, Citi also decided to cut jobs,
eliminating dozens of investment positions.</p><p>Additionally,
the employment crisis is evident in the cryptocurrency industry, where <a href="" target="_blank" rel="follow">ConsenSys</a> and <a href="" target="_blank" rel="follow">Coinbase </a>are cutting jobs.</p>

This article was written by Damian Chmiel at

Source: Goldman Sachs to Slim Down Alternative Investments That Affect Revenue
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