Investment bankers at Goldman Sachs prepare for steep pay cuts as the company gets ready to implement its competitive evaluation effort.

The New York Times reported that the Wall Street bank is ready to perform a major wave of job cutbacks, which caught Goldman Sachs bankers off guard.

One banker remarked, "Not a good thing to hear from the Times," adding that it was unexpected to learn about the bank's plans from the media first.

"My team looks to have escaped the cuts pretty unscathed, but I'll be curious to see what happens elsewhere in the bank."

The investment bank is one potential sector that is ready for downsizing. Along with the majority of Wall Street, Goldman has been hurt by a decline.....

.....in dealmaking activity on the capital markets as businesses adapt to a slowing economy and rising interest rates.

The upcoming cuts are a result of Goldman restarting its yearly Strategic Resource Assessment effort. Typically, the SRA fires 1% to 5% of failing employees.

Check out this article by Insider's Reed Alexander for additional information on Goldman's thorough performance review procedure.

Check out this report for Insider's most recent information on the possible reductions.

The nation's top media, financial, and technology leaders are gathering in Sun Valley, Idaho, for a few days of socialising, business, and outdoor activities.

Over the years, the ultra-exclusive event, which is hosted by investment company Allen & Co., has been a hotbed for significant mergers.