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Goldman Sachs plans to trim its staffing by 3% to 5% in an annual performance review process this spring, said a source familiar with the matter who declined to be identified discussing personnel matters.
That would equate to more than 1,395 job cuts from the bank’s global workforce of 46,500 at the end of December. The last time the Wall Street firm conducted a similar review in September, it made smaller reductions.
“This is part of our normal, annual talent management process,” a spokesman said, declining to give details.
Financial news and jobs site eFinancialCareers earlier reported the news.
Goldman carried out multiple rounds of workforce reductions in 2023 as dealmaking stagnated and it stepped back from a loss-making consumer business.
The environment for banks has since improved. Goldman reported its biggest quarterly profit in more than three years in January as investment bankers brought in more deal fees and traders benefited from active markets.
That month, CEO David Solomon was awarded an $80 million stock bonus to stay at the helm for another five years, a stark turnaround for a leader whose survival was questioned after the ill-fated retail foray.
John Waldron, Goldman’s president and chief operating officer, and who is widely seen as a successor to Solomon, was also awarded a retention bonus of $80 million in restricted stock and recently joined its board of directors.
(Reporting by Saeed Azhar, editing by Lananh Nguyen)
