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People enter the Goldman Sachs headquarters building in New York, U.S., on Monday, June 14, 2021. Michael Nagle | Bloomberg | Getty Images Goldman Sachs is planning on cutting several hundred jobs this month, making it the first major Wall Street firm to take steps to rein in expenses amid a collapse in deals volume. The bank is reinstating a tradition of annual employee culls, which have historically targeted between 1% and 5% of lower performers, in positions across the firm, according to a person with direct knowledge of the situation. At the lower end of that range, which is the size of the expected cull , that means several hundred job cuts at the New York-based firm, which had 47,000 employees at midyear. Goldman declined to comment on the record about its plans. The timing of the cuts was reported earlier by the New York Times. In July, CNBC was first to report that the bank was looking at a return to the annual tradition of year-end job cuts. Steep declines in investment bank...

Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation. The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71. The major averages declined for a second week. The Dow slid 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively. Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said. “We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to ...

Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation. The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71. The major averages declined for a second week. The Dow slid 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively. Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said. “We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to ...