Wall Street giant Goldman Sachs began laying off as many as 3,200 people this week, a move that follows a 2022 dealmaking slump and softening business climate, according to a person familiar with the matter who was not authorized to speak publicly.

The cuts, totaling about 6.5 percent of Goldman’s workforce, stem from a restructuring plan the investment bank announced in October and the reintroduction of a ritual year-end culling of underperformers that was suspended amid the pandemic, the person said.

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