Financial giant Goldman Sachs set for thousands of layoffs

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Reports say that Goldman is going to lay off hundreds of employees.

According to sources, there could be layoffs at the financial investment firm as early as next week.

Goldman had mentioned reduced profits in an earning report.

Denis Coleman, the company's chief financial officer, had said that the company had decided to slow hiring.

As the economic outlook gets worse, the investment bank may have to cut expenses.

It reported a 48% slump in its second quarter profit as its clients face inflation, rising interest rates, and a coronaviruses outbreak. Revenues from its investment banking division were less than a year ago.

According to a source, the Wall Street titan usually trims 1% to 5% of its staff each year, and the cuts will likely be in the lower end of that range in 2020.

Mr Coleman said that the firm is considering reinstating its annual performance review of its employee base at the end of the year, something that was suspended during the period of the swine flu.

A combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence according to David Solomon.