Goldman Sachs to lay off 3,200 employees as part of cost-cutting effort

Goldman Sachs will start cutting thousands of jobs across the business from this week in an effort to sharply cut costs, reports claim.

The US investment banking giant is expected to axe around 3,200 roles as it prepares for tough economic conditions, including recessions in key markets.

According to Bloomberg, the bank will cut around 6.5 per cent of roles from its 49,000 workforce - including reductions in its core trading and banking units.

It is not known where the job losses will occur, but the firm has six offices in the UK.

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