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Managers across the firm have been asked to identify low
performers for what could be a cut of up to 8% to its workforce
early next year, the people said, with some cautioning that no
final list has been drawn up, according to the report.
Goldman Sachs did not immediately respond to a Reuters request
for comment.
The bank said in September it was planning to cut jobs, after
pausing the annual practice for two years during the pandemic, a
source familiar with the matter told Reuters at the time.
Goldman's headcount swelled to over 49,000 at the end of
September, up 14% from a year earlier. The investment bank had
first warned in July it might slow hiring and cut expenses.
Global banks, including Morgan Stanley and Citigroup Inc, have
reduced their workforce in recent months as a dealmaking boom on
Wall Street has fizzled out due to high interest rates and
soaring inflation.
Investment bankers were awash with deals in 2021, but have seen
few this year as companies halt buyouts and listings amid
volatility in capital markets, tensions between the United
States and China and the Russia-Ukraine war.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil
D'Silva and Saumyadeb Chakrabarty)
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