Banking major Goldman Sachs is expected to layoff hundreds of workers, local media reported.
The cuts at the financial investment firm could begin as early as next week and impact employees across the company, BBC reported.
Goldman Sachs declined to comment, but had mentioned reduced profits in an earning report in July.
“We have made the decision to slow hiring velocity,” the company’s chief financial officer, Denis Coleman, had said at the time, BBC reported.
The investment bank had warned it might have to cut expenses as the economic outlook worsens.
It reported a 48 per cent slump in its second quarter profit as its clients face inflation, rising interest rates, the Coronavirus pandemic and war in Ukraine.
Its investment banking division generated revenues of $2.1 billion, down 41 per cent compared to a year ago.
Coleman also said the firm is considering, “reinstating our annual performance review of our employee base at the end of the year, something that we suspended during the period of the pandemic for the most part and just being much more disciplined and focused on utilisation efficiency of our human capital resources”.
“There is no question that the market environment has gotten more complicated and a combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence,” according Goldman Sachs Chief Executive David Solomon, BBC reported.