Goldman Sachs Reportedly Eyes Fresh Hires Just Days After Massive Layoffs At Citigroup - Divergent Strategies?

Goldman Sachs Group, Inc. GS is reportedly seeking new talent for its asset and wealth management divisions as part of its ongoing efforts to grow these sectors.

The bank’s fourth-quarter earnings received a boost from the growth in these units, with revenue from the divisions surging by 23%, surpassing estimates, Bloomberg reported.

“Our asset, wealth management business, broadly defined, is a huge focus for us, and so that will receive significant attention,” according to the bank’s international chief, Richard Gnodde, in an interview with Bloomberg Television from the World Economic Forum in Davos.

His remarks on recruitment follow a period of restraint at Goldman Sachs, where a plan was executed last year to eliminate around 3,200 positions, constituting 6.5% of its workforce, the report read.

“We bring people in to drive certain pockets,” Gnodde said, counting that graduate hiring at the bank continued as usual.

Earlier this month, Citigroup, Inc. C reportedly unveiled plans to slash 20,000 jobs. The decision, spearheaded by CEO Jane Fraser, aims to bolster the financial giant’s performance, which has been underwhelming recently.

The bank anticipates the cuts will lead to substantial savings, potentially reaching $2.5 billion. 

As part of this overhaul, Citigroup has projected a decrease in overall expenses, aiming for $51 billion to $53 billion by 2026.

Read Next: Citigroup To Cut 20,000 Jobs In Major Strategic Overhaul, Cites ‘Disappointing’ Q4

Price Action: GS shares are trading lower by 0.48% to $375.38 on the last checked Thursday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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