Goldman Sachs Group is looking to axe hundreds of positions across its divisions this month, Reuters has reported.

The investment bank usually cuts nearly 1% to 5% of its positions annually. The latest cuts could be in the bottom end of that zone and will likely to commence next week, people familiar with the development told the news agency.

The annual exercise was stalled for two years owing to the breakout of the Covid-19 pandemic.

Until the end of June this year, Goldman Sachs’ workforce grew to 47,000, a surge of 15% compared to the previous year.

If the banking giant moves ahead with the plan to cut 1% of its headcount, then there would be lay off of nearly 500 staffs.

Goldman Sachs refused to offer any comment on the report.

In July this year, the bank cautioned that it could slow down the pace of its hiring and reduce costs amid poor economic conditions.

The firm reported a fall of 48% in its quarterly profit, which was more than the estimated figure.

Goldman Sachs chief executive David Solomon was quoted by BBC as saying: “There is no question that the market environment has gotten more complicated and a combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence.”