Goldman Sachs is set to lay off around 3 to 4 per cent of its employees across various divisions of the bank. This is part of its annual review process, reported The Wall Street Journal.
The current layoff would affect 1,300 to 1,800 employees. The job cuts have already been initiated and is likely to continue in the coming months.
However, Tony Fratto, who represents Goldman Sachs, said the total workforce of the bank will be higher by year end compared to the previous year.
"Our annual talent reviews are normal, standard and customary, but otherwise remarkable," he said.
According to the report, Goldman Sachs is not the only major lender to carry out similar layoffs to eliminate low-performers in the workforce. Citigroup has eliminated 2,000 employees this year.
One of the parameters considered in the annual performance reviews at these banks is in-office attendance as many employees prefer working from home.
In 2023, Goldman Sachs cut 3200 people in January alone and around 1 to 5 per cent in October. In September 2022, around 500 people from workforces was laid off. The annual review was paused during the Covid-19 pandemic in 2020 and 2021.