Continuing jobless claims have been on the rise since September as companies look to cut costs ahead of a slowing economy. Adding to the unemployment figures is Goldman Sachs (NYSE:GS), which is looking to reduce its workforce beginning in January.
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Although the exact number has yet to be determined, it is expected that the company will axe up to 8% of its employees, which equates to roughly 4,000 people. As a cyclical business, earnings at the banking giant have fallen significantly when compared to 2021. This can be attributed to a lower volume of IPO and SPAC deals as a result of the current bear market.
Overall, Wall Street analysts have a consensus price target of $406.73 on GS stock, implying 18.36% upside potential, as indicated by the graphic above.
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