Goldman Sachs is planning to implement a round of lay-offs in the coming weeks that threatens to result in hundreds of job losses among the bank’s employees, according to a person briefed on the matter.
In a sign of the dealmaking slowdown on Wall Street, Goldman will restart its annual cull of underperforming bankers, which it paused during the pandemic at a time when banks were struggling to keep up with the workload.
The process typically results in between 1 and 5 per cent of company-wide employees losing their jobs, with the impending review set to result in lay-offs towards the lower end of that range, the person said.
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