Wall Street Journal: Goldman Sachs Group Inc. is preparing to lay off hundreds of staffers
as soon as next week. The job cuts are part of the bank’s annual performance
reviews, which the bank had suspended during the pandemic, according to a
person familiar with the matter. Goldman reinstated those reviews earlier this
year following a slump in Wall Street deal-making activity. Goldman had 47,000
employees on staff at the end of June, up from 41,000 a year earlier. After a
record-setting 2021, the industrywide slump in mergers and new initial public
offerings has hit Goldman’s bottom line this year. Second-quarter
investment-banking revenue fell 41% from a year ago, and Goldman’s profit fell
by nearly half in that same period (Wall Street Journal).
Reuters: With risks of a U.S. recession looming and the Federal Reserve raising interest rates aggressively to stem inflation, prospects for arranging and financing deals have dried up (Reuters).
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