Goldman Sachs Has Announced Layoffs Due To Deteriorating Financial Conditions

Barely three weeks ago, Morgan Stanley, a U.S.-based investment and financial services company, laid off 1,600 workers. Goldman Sachs, another U.S.-based investment firm, has announced layoffs justifying it with similar financial pressures. In a letter to employees, company CEO David Solomon said the step was taken after carefully reviewing the situation. David said the company is considering layoffs due to deteriorating financial conditions, a decrease in economic activity, and a number of other factors still under consideration. Goldman currently employs more than 49 thousand employees in its worldwide offices. Financially, last year wasn't the best for Goldman Sachs.