Catherwood LibraryILR School

Marking a change in course, Goldman Sachs Group Inc. may cut 10% of its workforce as profits decrease and the economy worsens -- despite initial plans to slightly increase its number of employees. Though the firm has stood out as the only enduring profitable bank of its peers, revenue dropped 32% thus far for the year and the losses are likely to keep coming. A total of at least 130,000 job cuts have struck the financial industry already, and several Wall Street banks expect further layoffs given the continued economic turmoil. The recent Goldman switch to a bank holding company could further affect profits and employment levels too.