Goldman Sachs has launched a wave of mass layoffs of workers across the US after dishing out cushy bonuses and high salaries during the pandemic – amid an anticipated drop in earnings as the economy slows.

The investment banking division of the Wall Street giant launched the effort last week, according to a report, firing hundreds of bankers in offices across the globe, as it looks to rein in expenses and weed out low-performing employees.

Employees at all levels were affected by the cull, sources said – with the brunt of the effort being felt by senior-to-mid-level staffers, such as several senior associates and vice presidents.