Goldman Sachs layoffs planned: Thousands of workers to lose jobs

Driving the news: The bank, which had 49,000 employees as of September, is also expected to reduce or cancel end-of-year bonuses in a bid to pare down expenses, the person familiar with the situation said.

• The exact number of job cuts hasn't been determined.
• In 2020 and 2021, during the heart of the pandemic, Goldman canceled its usually annual round of layoffs of underperformers, amounting to anywhere from 1% to 5% of its workforce.
• That's back on for 2022.

Of note: Semafor was first to report the planned job cuts Friday, saying as many as 4,000 employees could be impacted.

• Competitors including Morgan Stanley, Credit Suisse and Barclays have all either executed layoffs or announced plans for downsizing over the next few months, although on smaller scales.

Zoom out: "An economic slowdown, war in Europe and rising interest rates triggered a bear market for stocks and a slump in deal making," setting the stage for the cuts, the Wall Street Journal reported.