"On the other hand, Dye and Reck's meta-analysis (1988) revealed that limited variations of undergraduate GPA (e.g., GPA for the last two years, or for courses in the major field) can be more valid predictors of performance than overall GPA. In addition, Colarelli, Dean, and Konstans (1987); Wise (1975); Harrell and Harrell (1974); and Weisbrod and Karpoff (1968) all found positive relationships between grades and performance. "
"Although GPA has been widely analyzed, the research has produced inconsistent results. Some meta-analyses suggest that grades have relatively low validity as a predictor of job success (Bretz, 1989; Hunter and Hunter, 1984). Individual studies by Ferris (1982) and Schick and Kunnecke (1982) support the meta-analysis findings; these studies found no relationship between grades and performance evaluations."
In other words the state of research on this question, back in the early 90s when this article was written, was "inconsistent".
My point wasn't so much that the article supports the relationship, just that there are studies that do. Maybe I should have linked to the studies instead.