If implemented, the cuts would be the steepest since the 2008 financial crisis.
has fueled concern that investment bankers could bolt Goldman after the new year.Bloomberg via Getty Imagesthe news site Semafor reportedThe reduced bonuses come on the heels of expected layoffs. Last week, Goldman CEO David Solomon said the firm may eliminate at least 400 positions from its loss-making retail banking operations, according to a report.Goldman cut around 500 jobs in September, an early signal to Wall Street that economic conditions were worsening.
It has been a difficult year for Wall Street’s investment banking divisions. JPMorgan reported a 47% year over year decline.that Citigroup was laying off 50 workers in its Europe, Middle East, and Africa region after revenues from investment banking dropped by more than a fifth in the third quarter compared to the second quarter.
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