Goldman Sachs plans fresh round of job cuts, to dismiss underperformers by next month
Goldman Sachs Group Inc. is planning to perform another round of job cuts to dismiss its underperformers as soon as next month as part of its annual evaluation of staff, reported Financial Times.
The fresh round of job cuts will be made as part of the Wall Street firm's annual elvaluation of staff, according to FT report. This year's reduction will be performed at the lower end of the bank's usual range of 1% to 5% of its workforce, reported the newspaper citing sources.
In July, CEO David Solomon said that the company which halted job cut during the pandemic, had resumed its regular performance-based elimination of employees. The CEO also hinted that it would conduct it again in late 2023.
The review will also pave way for executives to make compensation decisions at the end of financial year. The initial process of elimination has also begun where Goldman managers have started drafting lists of those who may be cut.
However, final numbers are still being set. Till now, there has been no official confirmation by Goldman spokesperson on the planned job cut.
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