Goldman Sachs cutting up to 1,800 workers after performance reviews: Wall Street Journal

By Steve Gelsi

Goldman Sachs Group Inc. is cutting as many as 1,800 of its employees as part of a planned 3% to 4% staff reduction following the bank's annual performance-review process, the Wall Street Journal has reported.

The job cuts may affect as few as 1,300 employees but could include 500 additional positions based on a total firm head count of 45,300 at the end of 2023, according to the the Journal's report, which cited people familiar with the bank.

Tony Fratto, a spokesperson for the bank, told the newspaper that the bank's total head count will likely be higher at the end of 2024 than it was at the end of last year, but that the bank typically eliminates employees as part of its talent reviews.

Some departments will see deeper cuts than others, but the trimming is taking place across Goldman's business units, the report said.

Performance-review job cuts have ranged from as 2% to 7% in other years, based on market conditions and the bank's view on the economy.

Goldman Sachs spokespeople did not reply to emails from MarketWatch.

Goldman Sachs's stock (GS) was up 0.3% on Friday. The stock has risen 31.9% in 2024, compared with an 18% rise by the S&P 500 SPX.

-Steve Gelsi

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08-30-24 1541ET

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