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NEW YORK (Reuters) – Goldman Sachs Group Inc (NYSE:GS) will cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a source familiar with the plans.
The Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source told Reuters. The staff reductions may begin as early as next week, the person said.
The New York Times earlier reported on the upcoming layoffs, citing two people familiar with the plans.
Goldman Sachs declined to comment.
In July, the investment bank had warned it might slow hiring and cut expenses as the economic outlook worsens. It reported a 48% slump in quarterly profit, which beat forecasts due to gains in fixed-income and commodities trading.
The bank will also reinstate its annual performance review for employees at the end of the year, a process it had suspended during the pandemic, Chief Financial Officer Denis Coleman told analysts in July.
“Banks will likely continue to be under pressure to cut costs where they can and layoffs and slowdowns in hiring are quite possible,” said Ryan Detrick, chief market strategist at Carson Group.
