Goldman Sachs to Cut at Least 400 More Jobs

Goldman Sachs is planning to cut 400 jobs in its retail banking division due to mounting losses and operational missteps. This move is part of a broader trend in the banking and tech sectors, where companies are scaling back after a hiring boom. Despite these cuts, Goldman remains committed to its high-yield savings accounts, which have been profitable and help reduce funding costs.

What is the primary reason for Goldman Sachs planning to cut 400 positions in its retail banking operations?

• To expand its retail banking operations

• Due to mounting losses in the division

• To increase its workforce

• To diversify into new markets

What is a common theme seen in both the banking and tech sectors recently?

• Increase in hiring

• Expansion of operations

• Introduction of new products

• Reduction in workforce

Which banks are mentioned as potentially following Goldman's lead in job cuts?

• Wells Fargo and HSBC

• Deutsche Bank and Barclays

• Morgan Stanley and JP Morgan

• Credit Suisse and UBS

What aspect of Goldman's consumer business is still considered profitable?

• Retail banking operations

• Corporate loans

• High-yield savings accounts

• Investment banking

Why is Goldman committed to maintaining its high-yield savings accounts?

• To increase its retail banking losses

• To lower its funding costs

• To reduce its workforce

• To expand into new markets