The New York Times reports that Goldman Sachs intends to eliminate several hundred positions this month, making it the first significant Wall Street company to take action to cut costs in the wake of a decline in deal volume.
According to reports, the bank is resuming an annual practice of staff cullings that historically targeted 1% to 5% of the weaker performers in positions across the company.
The New York-based company is expected to eliminate several hundred jobs at the lower end of that spectrum, which is the extent of the anticipated cuts.
The first big layoffs on Wall Street since the pandemic started in 2020 have occurred as a result of sharp drops in investment banking activities, particularly IPOs and junk debt issuance, according to CNBC.
