Goldman Sachs Cuts 3-4% of Its Workforce Amid Annual Review

What’s happening at Goldman Sachs?

Goldman Sachs is laying off between 3% and 4% of its global workforce, translating to approximately 1,300 to 1,800 employees, as part of its routine annual review process. According to a report by the Wall Street Journal, these layoffs have already begun and will affect multiple divisions within the bank.

Official context and statements

Tony Fratto, a spokesperson for Goldman Sachs, described the process as “normal, standard, and customary,” emphasizing that these annual talent reviews are a regular aspect of the bank’s operations. Despite the current reductions, Fratto highlighted that the overall headcount at Goldman Sachs is expected to increase by the end of the year compared to 2023.

• The report pointed out that similar workforce adjustments are common across major financial institutions.
• Banks routinely cut underperforming staff as a cost-management strategy in challenging economic conditions. For instance, in the first quarter of this year, the largest U.S. banks collectively eliminated over 5,000 jobs, with Citigroup leading the reductions by cutting positions.
• Historically, Goldman Sachs has made workforce reductions ranging from 2% to 7% during its annual reviews, depending on financial performance and market conditions. In 2023, the bank implemented a 6% workforce reduction in January, followed by additional cuts later in the year.

are losing their job as a result of this layoff.

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