Goldman to Start Annual Layoffs in October

The transcript discusses potential layoffs at Goldman Sachs, which may occur earlier than usual. The banking labor market is challenging, and the timing of these layoffs is questioned. Goldman may be looking to hire in key areas while reducing staff in others. Employee morale is affected by reduced bonuses, and the significance of early layoffs is explored, particularly in investment banking.

What does the speaker suggest about the current state of the banking labor market?

What impact do bonuses have on employee morale according to the text?