Goldman Sachs Group Inc. mulls to reduce its workforce by between 3% and 4%, which translates to around 1,300 to 1,800 employees. This decision is part of their annual review process aimed at culling underperforming workers, the Wall Street Journal reported on Friday citing people familiar with the matter.
Specifically, Goldman Sachs aims to trim its workforce by an estimated 2% to 7% each year, based on various performance factors, the sources added.
Layoffs have already begun and will continue throughout the autumn season, as confirmed by one of the sources. These layoffs are conducted as part of Goldman's "strategic resource assessment" (SRA), an annual review process implemented within the company.
