People enter the Goldman Sachs headquarters building in New York, US, on Monday, June 14, 2021.
Michael Nagle | Bloomberg | beautiful pictures
Goldman Sachs is planning to cut several hundred jobs this month, becoming the first major Wall Street firm to take steps to control costs amid slumping trading volumes.
According to one person with direct knowledge of the situation, the bank is reviving its tradition of annual employee selection, which previously targeted between 1% and 5% of less effective employees, at position throughout the company, according to someone with direct knowledge of the situation.
At the lower end of that range, by the size of the expected selection, that would mean hundreds of job cuts at the New York-based company, which had 47,000 employees by mid-year.
Goldman declined to comment on its plan’s filing. The cutback time was previously reported by the New York Times.
In July, CNBC was the first to report that the bank is looking for a return to tradition every year year-end job cuts.
Investment banking activity plummetedIPOs and junk debt issuance, in particular, have facilitated the first significant layoffs on Wall Street since the pandemic broke out in 2020, CNBC reported in June.