Goldman Sachs Group Inc is likely to cut jobs as early as this month. Notably, it comes after pausing the annual practice for two years during the pandemic.

The Wall Street giant typically cuts around 1 per cent to 5 per cent of its staff each year. As per reports, the 2022 cuts are likely be in the lower end of that range.

As of June, Goldman’s headcount remained to 47,000, up 15 per cent from a year earlier. A 1 per cent cut to staffing would imply a reduction of nearly 500 bankers.

In July, the investment bank had warned that it might slow recruitment and cut expenses due to poor economic outlook. It reported a 48 per cent decline in quarterly profit.

Chief Financial Officer Denis Coleman also said that Goldman Sachs would also reinstate its annual performance review for employees at the end of the year. The process was suspended during the pandemic.