Report: Wall Street giant Goldman Sachs is preparing to cut jobs – possibly hundreds of them – according to a source familiar with the plans…
The staff cuts – which sources say could begin as early as next week – come as Goldman reinstates an annual employee performance review, a process it suspended for the past two years because of the health crisis.
Also Read: 5 Legit Ways to MAKE MONEY ONLINE!
The source told Reuters that the company typically cuts between 1 percent and 5 percent of its workforce each year, and the 2022 cuts will likely be at the lower end of that range.
Goldman’s headcount reached 47,000 at the end of June, up 15% from a year earlier. A 1% reduction in headcount would mean a drop of about 500 bankers.
The New York Times reported on the upcoming layoffs, citing two people familiar with the plans.
Goldman Sachs declined to comment.
In July, the investment bank warned that it could slow hiring and cut spending as the economic outlook worsens.
New! The Marvel: Captain Marvel Sequel Unveiled at Disney D23 Expo!
JPMorgan Chase, Wells Fargo, and Citigroup have all laid off mortgage bankers in recent months as the industry cuts back after expanding to meet a surge in demand.