Goldman Sachs and JPMorgan Cut Hundreds of High-Level Jobs Globally

Goldman Sachs is cutting about 125 managing directors globally, including some in investment banking, as part of a deep cost-savings drive at the bank amid a deals slump. The move comes as deal values have fallen more than 40% this year to $1.2tn, with Goldman Sachs the number two adviser globally. The bank has seen at least three rounds of job cuts in less than a year, and other banks such as JPMorgan and Citigroup are also cutting jobs to cope with the global slowdown.