BREAKING: Recession Fears Worsen As Goldman Sachs Begins Largest Layoffs Since 2008

In the latest news of the economic downturn one of the largest financial juggernauts of the world has started laying off people at a RAPID rate, many think this could signal the incoming-feared recession…

Sources near Goldman Sachs revealed to Reuters that they would be laying off this coming Wednesday a whopping 3,000 employees in order to compensate with what they expect to be a bad start of the financial year.

The sources also stated that layoffs in the thousands are not common at all and only occur when “bad economic environments” are present.

Interestingly enough, this level of layoffs has not occurred since the economic recession of 2008 during the Obama presidency.

Despite Joe Biden’s and his administration’s apparent denial of the economic recession in the United States, the economy is clearly compensating for the looming downfall of finances that may come sooner than later.

While the source remained anonymous when disclosing the information of the layoffs, Bloomberg News  has also reported even more layoffs could come estimating the number closer to 3,200 people being fired due to the economy.

Goldman Sachs has declined media outlets requests to comment on the layoffs coming presumably because they have not announced yet internally due to the supposed announcement coming in on Wednesday.

The bank itself added close to 10,000 employees in the post-pandemic era as a result of mergers and acquisitions and lists near 50,000 employees total which makes this layoff a significant portion of their staff.

Goldman Sachs previously fired hundreds of employees back in September as a result of their abysmal annual performance reviews that seemed to foreshadow a failing economy.

If that was not enough back in December, the Wall Street Journal reported that Goldman Sachs was expected to decline bonuses to many employees. It’s worth noting that in the Goldman Sachs world that is a signal calling for the employee to resign due to poor performance.

Meanwhile in the White House, the Biden Administration appears to still be living in denial about the poor performance of the economy.

Biden even recently tweeted from his “POTUS” account touting his administration’s job growth despite the incoming economic down turn. Check it out below:

More Americans are working than ever before, and that’s no accident. It’s the result of our economic plan working. pic.twitter.com/FVDGBXwZAV

— President Biden (@POTUS) January 7, 2023

Regardless on the attempts to cover up the economic issue, it appears that reality is about to swoop in and hurt Joe Biden and the country’s economy in an unprecedented way…