GOLDMAN SACHS: NEWS & Technical Analysis
Goldman Sachs lays off 25 bankers in Asia
Goldman Sachs has laid off at least 25 bankers in Asia, Bloomberg News reported on Tuesday citing people familiar with the matter, as volatility in capital markets stifles dealmaking across sectors.
The job cuts, which span across the bank’s equity capital markets, health care, and telecommunication, media and technology teams in Asia mostly impacted junior level bankers involved in deals in Greater China, the Bloomberg report said.
“Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment,” a Goldman spokesperson said. “We continue to remain flexible while executing against our strategic growth priorities.”
Goldman and its peers had hired aggressively to expand in China after the country fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity in the mainland.
Reuters reported last week the Wall Street giant planned to cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a source familiar with the plans.
Goldman Sachs (NYSE:GS) typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source had told Reuters, adding that staff reductions may begin as early as this week.
GOLDMAN SACHS Technical Analysis: Daily Chart
In the weekly charts, GOLDMAN SACHS is trading in down channel. GOLDMAN SACHS is currently trading above 100 days SMA & below 20 and 50 days SMA.
RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 317.24 & the resistance level is at 331.44.
GOLDMAN SACHS will trade in down channel until there is trend reversal.
How to Trade GOLDMAN SACHS this Week:
GOLDMAN SACHS will follow the downtrend until their trend reversal. So, remain bearish on GOLDMAN SACHS.