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Goldman Sachs may cut more than 1,300 employees in annual review, source says

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.

Goldman Sachs may cut more than 1,300 employees in annual review, source says
freepik.com | Goldman Sachs may cut more than 1,300 employees in annual review, source says
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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.

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.

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Additionally, Liz Martin, chief operating officer of engineering at Goldman Sachs global banking and markets business, is set to leave the Wall Street giant after 25 years at the firm, according to an internal memo seen by Reuters. 

 


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Topics

Goldman Sachslayoffsjob cutseconomic uncertaintybanking industryfinancial services

employee cut

annual review

workforce reduction

company restructuring

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