Taking stock | As profits plunge, Goldman Sachs slows down hiring and reviews underperforming staff

Amid ongoing cost-of-doing-business concerns, Goldman Sachs has ‘slowed down’ its recruitment plans and reintroduced annual performance reviews in a bid to weed out underperforming workers.

As reported by Bloomberg, the Wall Street behemoth’s CFO, Denis Coleman, told analysts during a recent conference call: “Given the challenging operating environment, we are closely re-examining all of our forward spending and investment plans to ensure the best use of our resources.”

Coleman added: “We’re taking a number of actions to improve our operating efficiency. Specifically, we have made the decision to slow hiring velocity and reduce certain professional fees going forward.”

In addition, the firm reportedly plans to bring back annual performance reviews for staff, which had been dropped during the pandemic.