Goldman Sachs to Slow Hiring, Bring Back Annual Culling of Staff

Goldman Sachs Group Inc. plans to slow hiring and reinstate annual performance reviews as the Wall Street bank looks to rein in expenses.

“Given the challenging operating environment, we are closely re-examining all of our forward spending and investment plans to ensure the best use of our resources,” Chief Financial Officer Denis Coleman said Monday on a conference call with analysts. “We’re taking a number of actions to improve our operating efficiency. Specifically, we have made the decision to slow hiring velocity and reduce certain professional fees going forward.”

In addition, the New York-based firm could reduce the pace of ...