Goldman Sachs Group, Inc. (NYSE: GS) plans to cut approximately 3,200 jobs in an effort to reduce costs. These cuts are expected to be concentrated in the investment banking division, and its consumer arm, though other areas of operations will also likely be affected. The scaling back is expected to begin midweek. Goldman Sachs enjoyed a boom in 2021 and early 2022 as companies embarked on a huge number of mergers and acquisitions after pandemic shutdowns. However, rising interest rates have since reduced the number of takeovers, causing company valuations to fall.