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Goldman Sachs (NYSE:GS) is planning to lay off 1,300-1,800 staffers, or 3%-4% of its global workforce, as the investment bank implements an annual culling process to ditch the low performers, according to a Friday media report.
The job cuts are expected to take hold across the company’s divisions, with some teams affected more than others, the Wall Street Journal reported, citing people familiar with the matter. As of late last year, Goldman (GS) employed about 45K people.
This is standard procedure for Goldman (GS), as it aims to reduce 2%-7% of its workforce each year based on certain performance factors, as well as overall market conditions and the company’s financial outlook.
The latest round of layoffs, part of an annual review process known at Goldman (GS) as a “strategic resource assessment,” have already commenced, the people said, adding the cuts will continue through the fall.
Still, overall headcount is anticipated to be higher this year vs. 2023, a Goldman (GS) spokesperson told the WSJ.
