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Goldman Sachs plans to cut up to 8% of its workforce, according to a source familiar with the matter, as the bank tries to weather an uncertain economic environment.

The layoffs are the latest sign that layoffs are accelerating on Wall Street as dealmaking dries up. Investment banking earnings have fallen this year amid a slowdown in mergers and equity offerings, a sharp setback from a blockbuster 2021 year when bankers received big paydays.

No final decision has been made and discussions are ongoing to determine the right size of the firm. However, the cuts are likely to take place in January, the source said.

Goldman Sachs declined to comment on the matter.

RECESSION SET TO LOSE 2 MILLION JOBS IN 2023, CITY SAYS.

The investment banking firm employed 49,100 people as of Sept. 30, according to its latest earnings report. The potential layoffs could affect up to 4,000 workers.

Semafor announced the planned layoffs earlier Friday.

On a conference call last week, CEO David Solomon said the company is looking to cut costs as the company faces headwinds on its cost lines in an uncertain economic environment.

The Goldman Sachs logo is seen on the trading floor of the New York Stock Exchange (NYSE) in New York, New York on November 17, 2021. (REUTERS/Andrew Kelly/Reuters Photos)

“We continue to see headwinds on our cost lines, especially in the near term,” Solomon said at the conference. “We have implemented some cost reduction plans, but it will take some time to realize the benefits.”

IN NOVEMBER, COMPANIES ARE PREPARING FOR AN ECONOMIC DECLINE. JOBS HAVE GROWN BY 127%.

Ladies Safety Last: Change change %
GS: THE GOLDMAN SACHS GROUP INC. 346.19 -3.97 -1.13%

Solomon added that the company will “remain agile and we will scale the company to reflect the capabilities that are defined.”

The company already laid off 500 employees in September as the economy continued to hit the financial sector.

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The latest news of further cuts comes just after The Financial Times published a report on Wednesday that Solomon was considering cutting the bonus pool by at least 40%.

That would mean potential bonus cuts for roughly 3,000 investment bankers, the report said, citing a senior source inside the investment firm.

If implemented, the bonus cuts would be the biggest since the 2008 financial crisis.

FOX Business’ Philip Nieto and Reuters contributed to this report.

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