Goldman Sachs plans to lay off hundreds of employees!

The investment bank Goldman Sachs (GS.US) has confirmed plans to lay off several hundred employees of the institution starting this month. The layoff program is based on the existing annual performance appraisal strategy, which has been exceptionally halted due to the Covid-19 epidemic. The total number of lay-offs is not known, however it may be lower compared to some previous rounds. The reviews are used as an opportunity for the company to cut its worst-performing staff, but there is an expectation that the company could reduce the pace of replacing the staff it loses.

Goldman Sachs (GS.US) launched an impressive upward correction in mid-July, however buyers were unable to push the price above key resistance at $357.00 which is marked with previous price reactions and 23.6% Fibonacci retracement of the upward wave launched in March 2020. As long as the price sits below it, further downward move is possible. Nearest support to watch lies around $315.00 level and coincides with 38.2% retracement. Source: xStation5