STORY: Wall Street giant Goldman Sachs is gearing up to cut jobs – possibly hundreds of them -- according to a source familiar with the plans…
The staff reductions – which sources say may begin as early as next week -- come as Goldman re-instates an annual performance review for employees, a process it had suspended for the past two years because of the health crisis.
The company 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.
Goldman's headcount swelled to 47,000 at the end of June, up 15% from a year earlier. A 1% cut to staffing would imply a reduction of about 500 bankers.
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.
JPMorgan Chase, Wells Fargo, and Citigroup have all cut mortgage bankers in recent months as the industry downsizes after having expanded to handle a surge in demand.