Goldman Sachs Group Inc. is set to begin its annual round of job cuts earlier than usual, targeting a reduction of between 3% to 5% of its staff. According to a person familiar with the matter, the bank will focus on reducing vice president positions after adding too many in recent years.
The move comes after previous rounds of cuts, which took place in the latter half of last year. This time around, Goldman is shifting its approach to earlier in the year, likely due to changing market conditions and a desire to get ahead of potential layoffs. The bank will look to shed underperforming roles while preserving core functions.
Goldman’s move is seen as broadly in line with prior cuts, which aimed to eliminate non-essential positions. The exact number of staff affected is not yet clear, but the bank is expected to provide further details in the coming weeks.
Source: https://www.bloomberg.com/news/articles/2025-03-04/goldman-moves-up-annual-job-cuts-targets-3-to-5-of-staff