Goldman Sachs Group Inc. plans another round of job cuts to dismiss its under-performers as soon as next month. This will be part of its annual evaluation of staff. The reduction will be performed at the lower end of the bank's usual range of 1% to 5% of its workforce.
The fresh round of job cuts will be made as part of the Wall Street firm's annual evaluation of staff, according to a report by Financial Times.
In July, CEO David Solomon said that the company which halted job cut during the pandemic, had resumed its regular performance-based elimination of employees. He also hinted that it would conduct it again in late 2023.
The review will also pave way for executives to make compensation decisions at the end of financial year.
The initial process of elimination has also begun where Goldman managers have started drafting lists of those who may be cut. However, final numbers are still being set. Till now, there has been no official confirmation by Goldman spokesperson on the planned job cut.