Skip to main content

Home  »  US business newsUS Employment News   »   Goldman Sachs plans to sack underperforming staff

Goldman Sachs plans to sack underperforming staff

Goldman Sachs Tower in Jersey City

Goldman Sachs is reportedly preparing for another round of job cuts targeting underperforming employees.

Sources in the company said the initiative could take effect in late October. 

This annual exercise would downsize the company’s workforce by between one and five percent.

Read More: Roku To Cut 360 Jobs As Costs Continue To Rise

Goldman is targeting the lower end of this range, particularly in core investment banking and trading divisions. 

The bank reinstated this performance-driven review process last year, having suspended it during the pandemic in 2020 and 2021. 

In September 2022, the bank had slashed 500 employees as part of cost-cutting measures. 

In July, Goldman held meetings with its managing directors to take more severe measures to cut costs.

Need Career Advice? Get employment skills advice at all levels of your career

These indicate Goldman’s efforts to save $1 billion as managers scrutinize various expense items and consider further job reductions. 

In the first quarter of the year, the bank reduced its headcount by approximately 3,200, marking its largest round of layoffs since the 2008 financial crisis. 

Additionally, it trimmed around 250 jobs in May. 

Goldman Sachs has yet to respond to requests for comment regarding the reported job cuts.

Follow us on YouTubeTwitterLinkedIn, and Facebook.