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Goldman Sachs cutting jobs despite vow to freeze layoffs in 2020

Goldman Sachs is moving forward with a plan to slash about 400 jobs — despite pledging earlier in this year that the firm would freeze layoffs in the middle of the coronavirus pandemic.

The Wall Street giant headed by David Solomon said Thursday about 1 percent of its workforce will be affected — a far smaller number than the 3-to-5 percent of headcount that usually gets cut in the bank’s yearly bloodbath.

“At the outbreak of the pandemic, the firm announced that it would suspend any job reductions,” Goldman admitted in a statement. “The firm has made a decision to move forward with a modest number of layoffs.”

No specific area of the $2 trillion megabank’s operations are being targeted for cuts and that the move is a general reduction of headcount.

Layoffs are an annual rite at Goldman, which more than any other bank on Wall Street is known for its practice of shedding existing employees to make room for new blood. Read more via SportsGrindEntertainment

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