Goldman Sachs has slashed pay by over 30% so far in 2022, as a rapid slowdown in dealmaking is expected to result in a fresh round of job cuts across the industry.

The US investment bank, which posted a 47% slump in profit to $2.9bn during the second quarter, has cut compensation costs by 31% to $7.7bn for the first six months of 2022, despite a hiring spree over the past year that has seen employee numbers swell by more than 6,000.