Goldman Sachs is planning a round of staff cuts in April, targeting underperforming employees, according to a source familiar with the matter. These cuts are separate from the firm’s usual annual performance review, known internally as “strategic resource assessment,” which typically sees a reduction of 1% to 3% of the workforce. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base. The company helps companies grow by providing expert advice and financial solutions.
A Goldman Sachs spokesperson stated that consistent headcount management is standard practice for a public company. The firm continuously assesses performance and talent across its various divisions. The upcoming cuts, while not part of the annual review, reflect this ongoing evaluation process. The Wall Street firm has not specified the exact number of employees that will be impacted by the decision.
The move comes amid a broader trend of corporate America seeking to reduce jobs and streamline operations, driven in part by advancements and increased adoption of artificial intelligence. Earlier this month, Morgan Stanley, another major investment banking firm, laid off approximately 3% of its workforce, affecting about 2,500 employees across all divisions. These industry shifts suggest a continued focus on efficiency and cost management within the financial sector.
