Goldman Sachs reportedly cuts dozens of investment banking jobs

Caitlin Morrison
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The job cuts will reportedly affect Goldman's London office, among other locations (Source: Getty)

Goldman Sachs has reportedly cut dozens of investment banking jobs across its global locations over the past number of weeks.

Affected roles included managing directors, executive directors and vice presidents in the mergers and debt and equity capital markets teams, according to a Bloomberg report.

The job cuts affected offices in London, New York and Hong Kong, among others, and were made on top of the five per cent staff reduction which sees Goldman get rid of employees deemed to be underperforming.

The report comes as Goldman Sachs president Gary Cohn announced his optimism about the bank's future, and said the conditions that led to a record year for M&A in 2015 still exist.

"We still think in this lower growth environment with very cheap financing and low rates available that we’ll continue to see more of that merger activity over this part of the cycle," he said, speaking at an investor event in New York.

Cohn also pointed to Goldman reducing spending when he said cost savings helped to “drive the M&A cycle last year”.

“Companies could merge themselves together and the rationale for the merger was to cut out expenses of duplicative costs,” he added.

Earlier this year, it was revealed that Goldman Sachs was aiming to cut between five and 10 per cent of the staff in its fixed income and currency trading business.

Goldman Sachs declined to comment.