Goldman Sachs is planning to cut between 1,300 to 1,395 employees as part of its annual performance review process this spring. The move would represent a 3-5% reduction in the bank’s global workforce of 46,500.
According to a source, Goldman Sachs aims to trim its staffing by trimming 3-5% globally. This translates to more than 1,395 job cuts from the bank’s total workforce at the end of December. The move is part of the firm’s “normal” annual talent management process.
The news comes as Goldman Sachs has seen an improvement in its banking environment, with investment bankers and traders benefiting from active markets. In January, the bank reported its largest quarterly profit in over three years. CEO David Solomon was awarded a $80 million stock bonus to secure his position for another five years.
This move marks a change of pace compared to last year’s review, where Goldman Sachs made smaller reductions. The firm has undergone multiple rounds of workforce reductions in 2023 as dealmaking stagnated and it stepped back from a loss-making consumer business.
Source: https://www.reuters.com/business/finance/goldman-sachs-may-cut-3-5-staff-part-annual-review-source-says-2025-03-04