The bank is reinstating a tradition of annual employee culls targeting between 1% and 5% of lower performers in positions across the firm.
Goldman Sachs is planning on cutting several hundred jobs this month, making it the first major Wall Street firm to rein in expenses amid a collapse in deals volume.
The bank is reinstating a tradition of annual employee culls, which have historically targeted between 1% and 5% of lower performers, in positions across the firm, according to a person with direct knowledge of the situation. At the lower end of that range, which is the size of the expected cull, that means several hundred job cuts at the New York-based investment bank with 47,000 employees at midyear.is planning on cutting several hundred jobs this month, making it the first major Wall Street firm to take steps to rein in expenses amid a collapse in deals volume.
The bank is reinstating a tradition of annual employee culls, which have historically targeted between 1% and 5% of lower performers, in positions across the firm, according to a person with direct knowledge of the situation. At the lower end of that range, which is the size of the expected cull, that means several hundred job cuts at the New York-based firm, which had 47,000 employees at midyear.
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