Goldman Sachs has asked employees to return to the office 5 days a week
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Goldman Sachs is preparing to layoff workers as soon as next week, The New York Times reported.
The publication cited two sources familiar with the plans that said the cuts will be companywide.
The bank usually cuts a small percentage of workers each year, but halted layoffs during the pandemic.
Goldman Sachs is preparing to initiate a round of layoffs that could start as soon as next week, according to a recent report from The New York Times.
The publication cited two people with knowledge of the matter who said the terminations will impact workers companywide.
The bank usually initiates a round of layoffs, called Strategic Resource Assessment,” or “SRA,” on an annual basis based on employee performance — terminating anywhere from one to five percent of staff. Though, Goldman Sachs had temporarily paused the initiative during the pandemic.
The news comes after the bank reported in July that its profits had declined due to concerns over an impending recession. The company is one of many to freeze hiring and layoff employees this year. Last month, Snap announced it was laying off 20% of its workers.
This is a developing story. Check back for updates.