Representative image
Goldman Sachs Group Inc. plans to lay off hundreds of employees in the coming weeks as part of the firm's annual purge of underperforming staff, according to people familiar with the matter.
The new round of layoffs would mean total cuts of 3% to 4% of the bank's workforce by 2024, with most of those reductions made earlier this year, said one of the people, who asked not to be identified discussing internal moves.
This is in line with the bank’s typical approach, which seeks to keep costs under control and make room to hire new talent. The annual exercise was briefly suspended amid the Covid pandemic and last year was near the lower end of its typical 1% to 5% range.
At mid-year, Goldman had 44,300 employees. A spokesman for the firm said the bank's annual staffing review is normal and standard and that the firm plans to have more employees at the end of 2024 than it had a year earlier.
The bank's stock hit an all-time high this week, rising more than 32% to above $510 at the close of trading on Friday, making it the best-performing among major U.S. banks. The Wall Street Journal reported earlier in the day that Goldman is conducting its annual writedown.
Waiting for answer to load…