Goldman Sachs’ bankers get their marching orders as Wall Street starts to purge under-performers Hi. I''m Aaron Weinman . Roughly a dozen investment bankers said their farewells to Goldman Sachs on Friday. Senior associates and vice presidents in Goldman''s tech, media, and telecommunications team were handed pink slips in a further sign of strain on a Wall Street apparatus that is hamstrung by depressed dealflow, and suffering from a slowing economy and stubbornly high inflation. The cuts come after Goldman''s investment bank logged a 41% dip in year-over-year revenues in July. Denis Coleman, the bank''s chief financial officer, also reintroduced Goldman''s dreaded annual performance review , a process that helps the bank weed out underperforming individuals who are likely to be let go. Click here for the full story from Insider''s Reed Alexander and myself. If this was forwarded to you, sign up here . Download Insider''s app here . 1. Goldman Sachs has started wielding the axe at its investment bank. The cuts in the TMT division come on top of layoffs in the bank''s equity-capital-markets and leveraged-finance teams in Europe and ECM unit in Asia . "Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment," a spokesperson for the bank told Insider on Friday.