Fate of Milton Keynes workers unknown as Goldman Sachs begins massive round of job cuts

The fate of up to 250 Goldman Sachs workers in MK is unknown following news that the investment banking giant is beginning a huge round of job cuts.

It is understood the cuts will affect up to 3,200 staff members – some 6.5% of the company’s international workforce.

It will include staff in the UK, where Wall Street bank Goldman Sachs has six offices. One of these, the customer care centre for Marcus by Goldman Sachs, is in Milton Keynes.

The centre opened up in July 2019 at Caldecotte Lake Business Park and was the bank’s first UK office outside central London.

The Marcus consumer unit brand had been launched in 2016, offering an online platform for personal loans and savings accounts to retail clients. It was initially hailed a great success and attracted 50,000 customers within the first few weeks.

Milton Keynes was described as the perfect place for the new centre, which laid on an opening breakfast for local business leaders and VIPs.

But last year the bank's internal projections predicted Marcus would lose more than $1.2 billion. As a result, last October the company announced it would be ‘scaling back’ its ambitions for the bank.

Hundreds of jobs across Goldman Sachs have already been cut and now many more are now at risk. Bloomberg News has reported that managers across firm are expected to start cuts mid-week and it will be the biggest round of layoffs since the financial crisis began.

The company employs around 6,000 people in the UK and 49,000 worldwide.