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Economy

Goldman Sachs will reportedly fire more than 1,300 employees

2024-09-01

[NYPOST]

David Solomon is sharpening the axe again.

The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank's ongoing review to cull poor performers, the Wall Street Journal reported on Friday

Goldman's cuts will affect between 3% and 4% of Goldman's 45,000-strong workforce, the Journal added, citing people familiar with the matter. The cuts are part of the bank's annual performance reviews that cull those believed to have performed poorly.

The layoffs have already started and will continue through the fall, according to the Journal, under the bank's annual review process known as ''strategic resource assessment.''

''Our annual talent reviews are normal, standard, and customary, but otherwise unremarkable,'' Tony Fratto, a Goldman front man, told the newspaper.

He added that headcount would be higher at the end of 2024, compared to the end of last year.

The bank regularly seeks to cut back on between 2% and 7% of its workforce each year based on various performance factors, market conditions and its financial outlook.

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