Browsing: Goldman Sachs

Goldman Sachs lays off employees
  • American investment bank Goldman Sachs plans to lay off 3,200 employees this week
  • Goldman Sachs typically trims about one to five per cent of its employees each year and targets underperforming staff
  • The upcoming trim is expected to be deeper than usual in light of the uncertain economic outlook
  • Major U.S. banks, manufacturers and tech companies announced significant corporate layoffs in 2022, amid high inflation, and five rounds of interest rate hikes sparked fears of a recession

New data has revealed that American investment bank Goldman Sachs plans to lay off thousands of employees this week.

Multiple sources, including Capital FM, reported that Goldman Sachs would lay off 3,200 people, down from the expected 4,000 revealed in December 2022.

Quoting AFP, the news outlet noted that the American firm typically trims about one to five per cent of its employees each year and targets underperforming staff.

Why Goldman Sachs is

Kenya coronavirus

Sub-Saharan Africa governments funding needs may rise by almost $75 billion due to the novel coronavirus (COVID-19) downplaying their economies, according to information from Goldman Sachs Group.

This particular insight comes into the play as last month, African finance ministers called for a $100 billion stimulus package, including suspension of debt to help the youngest continent combat the coronavirus pandemic, which has already registered a $29 billion dent to the economy so far and still counting.

According to the global investment bank, economists in London, Dylan Smith and Andrew Matheny, the pandemic could have a serious toll on the continent’s fragile fiscal pillars.

“Possibly the most severe impact of the crisis will be on already stretched fiscal balances. Budget deficits would likely rise from an average of around 3.5 per cent to high single digits, even before any loosening to soften the economic effects of the corona-crisis,” said Smith and …

Kenya's Twiga Food attributes growth to staff empowerment

Twiga Food, the Kenyan company which is increasingly getting the attention of key global investors has attributed the growth to the manner it incorporates staff in partial ownership of the company that drives growth.

The company CEO and co-founder Peter Njonjo spoke at Dubai during the Global Business Forum Africa 2019 where African businesses are pitching their ideas to Emirati investors.

Njonjo noted that currently there are 8 people in management who receive stock options and expressed his hope that during their next round of raising capital, they want to increase this number of staff to 30 people.

“Empowering your employees to be entrepreneurs within the business is imperative to its success,” added Njonjo.

When asked what made him leave the comfort of a multinational company to venture into the world of entrepreneurship, Njonjo replied: “It got to a point where there were a good number of investors who were …

IFC’s investment in Twiga supports a disruptive startup that is helping create a more transparent, efficient supply chain, which connects farmers directly to markets, helping them earn more- The Exchange

This week, Twiga announced that it has raised $23.75 million in a Series B equity round led by Goldman Sachs, with participation from existing investors, including the International Finance Corporation, TLcom Capital and Creadev. An additional $6 million in debt was raised from OPIC and Alpha Mundi.

Peter Njonjo, CEO and Co-founder at Twiga Foods, says, “This funding enables us to invest in our technology and organization ; a $300bn informal and fragmented market that is estimated to grow to $1trn by 2030. With the supto tackle the inefficiencies in Africa’s domestic food production and distribution ecosystemsport of our investors, we are developing technology-driven commercial solutions and cooperating with existing industry players to solve the challenge of food security in Africa.”

Jules Frebault of Goldman Sachs said, “Twiga’s innovative model combines technology and modern logistics tailored to the local market to re-engineer the food supply chain.  We are delighted to …