In tandem with many other major businesses, Goldman Sachs will slow down its hiring and is reinstating annual performance reviews, a policy it suspended at the beginning of the pandemic.
“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,” said Denis Coleman, Chief Financial Officer at Goldman Sachs.
“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.”
As the threat of a recession grows, companies are adopting cost-cutting measures that will allow them to weather the incoming storm.
Along with tapping the brakes on its hiring, the financial firm will also slow down replacing former employees due to attrition. The organization also cut down on compensation and benefits last year.