Goldman Sachs plans to cut bonuses for senior employees – report

(Reuters) – Goldman Sachs Group’s bonus pool for senior employees is expected to shrink by as much as half, news platform Semafor reported on Thursday, citing people familiar with the matter.

The bank did not immediately respond to a Reuters request for comment.

The dealmaking boom on Wall Street has taken a hit from high interest rates and soaring inflation.

Fees for advising companies on mergers and acquisitions, a key driver of revenue at the big U.S. banks, plunged this year from record highs last year.

Bloomberg News reported last week that Goldman plans to cut year-end bonuses for its traders.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shounak Dasgupta)