Goldman warns of bonus cuts for traders

Goldman Sachs had announced a restructuring earlier this year

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Goldman Sachs Group Inc plans to cut the year-end bonuses for its traders, Bloomberg News reported on Friday, as the Wall Street giant looks to trim costs.

Executives at the investment bank’s global markets division were informed that the compensation pool would be slashed by a low double-digit percentage, the report said, citing people with knowledge of the discussions.

Ticker Security Last Change Change %
GS THE GOLDMAN SACHS GROUP INC. 467.72 +3.20 +0.69%

Goldman Sachs did not immediately respond to a Reuters request for comment.

Goldman Sachs

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City on Nov. 17, 2021. (REUTERS/Andrew Kelly/File Photo / Reuters Photos)

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Investment banks have been hit by a plunge in deal making activity this year as choppy markets and aggressive rate hikes by the Federal Reserve have forced lenders to pull back from financing large deals.

Wall Street firm Goldman Sachs

The new headquarters building of Goldman Sachs Group Inc. stands at 200 West Street in New York, U.S., on Monday, Aug. 9, 2010. (Photographer: Ramin Talaie/Bloomberg via Getty Images) (Photographer: Ramin Talaie/Bloomberg via Getty Images / Getty Images)

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Earlier this year, Goldman Sachs had announced a restructuring and scaled back ambitions for its loss-making consumer unit.