Goldman Sachs Group Inc. plans to dismiss underperformers as soon as next month, as part of the Wall Street firm’s annual evaluation of staff, the Financial Times reported.
Reductions this year will be at the lower end of the bank’s usual range of 1% to 5% of its workforce, the newspaper said, citing unidentified people familiar with the matter.
New York-based Goldman had a head count of 48,500 as of December 2022, with 52% based in the Americas, 19% in EMEA and 29% in Asia, according to its annual report. It spent $15.1 billion on compensation and benefits last year.
Chief Executive David Solomon reminded investors on an earnings call in July that the bank, which halted firings in the pandemic, had resumed its regular performance-based process and would conduct it again in late 2023. The review paves the way for executives to make compensation decisions at the end of the year.
Goldman managers have started drafting lists of those who may be cut, the FT said. The final numbers are still being set.
Representatives for Goldman didn’t immediately respond to messages seeking comment.
Back in January, the bank had embarked on one of its biggest round of job cuts ever, when it moved to eliminate about 3,200 positions. That came amid a re-examining of costs by executives across the industry as a rebound in dealmaking takes longer to materialize.
Last week's layoffs totaled at least 130 Cetera employees, according to a senior industry executive.
Four of the Magnificent Seven will report this week.
Easing anxiety has seen the haven asset slide from record high.
Uncertainty remains challenging for Treasuries traders.
Move will raise concerns of inflationary impact of tariffs.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
