Goldman Sachs reportedly plans on cutting up to 8% of its employees as it girds for a tougher environment next year.
But the upcoming move at Goldman is by far the deepest round of cuts on Wall Street so far. Other firms are likely to have to follow suit as a subdued capital markets environment drags on, according to Wall Street recruiter Mike Karp.
"Many firms will have to go back to the drawing board and right-size their organizations, it's not just Goldman," said Karp, CEO of the Options Group. "Firms over-hired, and now they will have to over-fire, too." The bank's planning is ongoing through next month, and the round could be smaller than 8% when it is finalized, especially if people voluntarily leave, the person with knowledge of the situation added. But that means as many as about 4,000 employees could be impacted, as reported by
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