Goldman Sachs Group is preparing for a new wave of job cuts, with the goal of letting go of underperforming employees as early as next month. This move is part of the company's routine annual assessment of its staff, as reported by the Financial Times.
This year's reduction will fall within the lower end of Goldman Sachs' typical range, which is usually between 1% and 5% of its workforce.
In July, CEO David Solomon announced that the company, which had suspended job cuts during the pandemic, had resumed its standard practice of eliminating employees based on performance. He also hinted that a similar evaluation would take place again later in 2023. This assessment process is also essential for executives to make compensation decisions at the close of the financial year.
The initial steps of this elimination process have already begun, with Goldman managers drafting lists of employees who might face job cuts. However, the final numbers are still being determined, and as of now, there has been no official confirmation from a Goldman Sachs spokesperson regarding the planned job cuts.
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