The VIX is rising, bond yields are falling, and the dollar is rising. Bulls are about to learn a valuable lesson.

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Goldman Sachs set to cut jobs this month

NEW YORK, Sept 12 (Reuters) – Goldman Sachs Group Inc (GS.N) will cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a source familiar with the plans.

The Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source told Reuters. The staff reductions may begin as early as next week, the person said.

Goldman’s headcount swelled to 47,000 at the end of June, up 15% from a year earlier. A 1% cut to staffing would imply a reduction of about 500 bankers.

The New York Times earlier reported on the upcoming layoffs, citing two people familiar with the plans.

 

 

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