Goldman moves up annual job cuts, targets 3% to 5% of staff

GOLDMAN Sachs is about to start its annual round of job cuts, moving the exercise to earlier in the year after previous reductions took place in the latter half.

The New York-based bank will look to cut between 3 to 5 per cent of staff – broadly in line with prior culls – according to a source familiar with the matter, who asked not to be identified discussing private information. Goldman will focus on reducing vice-presidents after it added too many in recent years in relation to its overall hiring, The Wall Street Journal reported earlier, citing sources familiar with the matter it did not identify.

The efinancialcareers website reported the size and timing of the cuts on Monday (Mar 3). A representative for Goldman said the reductions are “part of our normal, annual talent management process”, and declined to comment further.

The latest round will take place in the spring this year, following a period where it made layoffs in the second half of the year, the source said. Goldman’s headcount totalled 46,500 at the end of 2024, according to its latest annual filing. The bank had 45,300 staff at the end of 2023, down from 48,500 the year before.

The planned cuts are in line with the bank’s typical approach as it seeks to keep a lid on costs and make room to enlist new talent. The annual exercise was briefly suspended in the middle of the Covid pandemic. BLOOMBERG