Goldman Sachs Group is initiating its annual workforce reduction, shifting the timing to earlier in the year. The New York-based investment bank plans to cut between 3% and 5% of its staff, a figure consistent with previous years’ reductions, according to sources familiar with the matter. This decision follows earlier layoffs that typically occurred in the latter half of the year.
The Wall Street Journal reported that Goldman Sachs will specifically target the number of vice presidents, an area where the firm has seen over-hiring relative to its overall staffing levels in recent years. A company representative stated that the reductions are a standard part of Goldman Sachs’ annual talent management process. At the close of 2024, Goldman Sachs’ headcount stood at 46,500, a decrease from 48,500 at the end of 2022, but an increase from 45,300 at the end of 2023. The current cuts mark an effort to manage workforce size and optimize operational efficiency.