Highlights

  • Company reported a 48 per cent decline in quarterly profit
  • Goldman shares are down more than 10% this year

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Goldman Sachs to layoff several hundred of its employees

Goldman Sachs is one of many to freeze hiring and layoff employees this year

As risks of a U.S. recession looms and economic outlook worsens, Goldman Sachs is readying for a round of layoffs as soon as next week.

The news comes after the bank in July reported that investment-banking revenues had declined by about 41% from the same period the previous year and warned it was slowing hiring.

According to reports by reuters, the Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range.

While Goldman Sachs is one of many to freeze hiring and layoff employees this year, JP Morgan already began cutting its staff in June and Morgan Stanley slashed investment bankers' pay by 21% in July.

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