Michael Nagle | Bloomberg | Getty Images Goldman Sachs plans to cut several hundred jobs this month, becoming the first major Wall Street firm to take steps to cut costs amid a collapse in deal volume. The bank is bringing back a tradition of annual employee culls, which historically targeted between 1% and 5% of underperformers in positions across the company, according to a person with direct knowledge of the situation. At the lower end of that range, which is the size of the expected kill, that means several hundred job cuts at the New York-based company, which had 47,000 employees at midyear. Goldman declined to comment on the record about its plans. The timing of the cuts was reported earlier by The New York Times. In July, CNBC was the first to report that the bank was considering a return to its annual tradition of year-end job cuts. Sharp declines in investment banking activity, especially IPOs and junk debt issuance, set the stage for the first major layoffs on Wall Street since the pandemic began in 2020, CNBC reported in June.
