Goldman Sachs to cut 3,200 jobs in trading slowdown

Goldman Sachs is expected to cut 3,200 jobs this week in what would be one of the biggest rounds of redundancies in its history.

More than a third are likely to be from within the financial services giant’s core trading and banking units.

The bank is expected to unveil pre-tax losses of $2bn (£1.7bn) for a new unit covering its credit card and instalment-lending business.

Under chief executive David Solomon, headcount has jumped 34pc since the end of 2018, climbing to more than 49,000 by the end of September last year. Slowdowns in various business lines, including mergers and acquisitions, have left the bank facing a 46pc drop in profits, on about $48bn of revenue.