KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Goldman Sachs Group Inc. is set to lay off a few hundred employees in the coming weeks as part of its routine annual review of low-performing staff. The planned reductions will bring the total cuts for 2024 to about 3% to 4% of the bank's workforce, which aligns with the firm's typical approach to managing costs and maintaining efficiency.
Key Points:
Routine Job Cuts: The upcoming layoffs are part of Goldman Sachs' annual cull, which is a standard practice aimed at dismissing underperforming employees to control costs and make room for new talent. This annual review, usually affecting 1% to 5% of the workforce, was temporarily paused during the COVID-19 pandemic and was near the lower end of the range last year.
Current Workforce and Future Plans: As of mid-2024, Goldman Sachs employed around 44,300 people. Despite the job cuts, a company spokesperson stated that the bank expects to have more employees by the end of 2024 than a year earlier, reflecting a strategy to continually refresh its talent pool.
Strong Stock Performance: The news comes as Goldman Sachs’ stock reached an all-time high, rising over 32% to exceed $510 by the end of the week, making it the best performer among the top US banks. This highlights the bank's strong market position even as it undertakes cost-cutting measures.
The layoffs reflect Goldman Sachs' ongoing efforts to balance cost management with talent acquisition, aiming to maintain its competitive edge in the financial sector.
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