The Goldman Sachs Group Inc. is preparing its annual round of layoffs, with vice presidents expected to be the main target, The Wall Street Journal reported on Tuesday, citing sources close to the matter.
Sources indicated that CEO David Solomon informed senior executives that the firm overhired vice presidents in recent years. To improve efficiency, those identified for cuts received small bonuses and poor reviews. Some have already left, contributing to the firm's layoff targets.
Goldman is expected to reduce its workforce by approximately 3% to 5%. Unlike previous years, the layoffs may take place in the spring rather than September. A Goldman spokeswoman said the cuts are part of the bank’s usual talent management process and declined to provide specific details.