Amid Slower Deal Making, Goldman Sachs To Layoff Some 500 Jobs

Goldman Sachs Group Inc (NYSE:GS) will cut jobs as soon as this month as a part of the bank's annual performance reviews suspended during the pandemic, Wall Street Journal reported citing a person familiar with the matter.
The bank usually cuts 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 reached 47,000, and a 1% staff cut would imply a reduction of about 500 bankers.
The New York Times reported on the upcoming layoffs, citing two people familiar with the plans.
According to the WSJ report, Chief Financial Officer Denis Coleman said the bank would slow its hiring pace and be slower in replacing departing staff due to economic uncertainty.
In July, Goldman Sachs warned it might slow hiring and cut expenses as the economic outlook worsens. It reported a 48% slump in quarterly profit.
Price Action: GS shares closed at $342.81 on Monday.