WSJ headline: Goldman Sachs Plans to Cut Hundreds of Jobs
Sub-headline: Planned layoffs follow reinstatement of annual performance reviews and a slump in Wall Street deal making
Sub-headline: Amid a record hiring streak in the U.S., economists are watching for signs of a possible wave turn. WSJ’s Anna Hirtenstein looks at how rising interest rates, high inflation, market selloffs and recession risks challenge the growth of America’s workforce.
Goldman Sachs Group Inc. is preparing to lay off hundreds of staffers as soon as next week.
The job cuts are part of the bank’s annual performance reviews that had been suspended during the pandemic, according to a person familiar with the matter. Goldman reinstated those reviews earlier this year following a slump in Wall Street deal-making activity. Goldman had 47,000 employees on staff at the end of June, up from 41,000 a year earlier.