Goldman Sachs to reduce underperforming staff in April – report

Goldman Sachs will let go of a limited number of underperforming employees next month, according to a source who spoke to Reuters. 

The upcoming job cuts are separate from the company’s usual annual review process known internally as the “strategic resource assessment”, which normally sees between 1% and 3% of positions eliminated.

The plans were first reported by Business Insider, citing individuals familiar with the matter.

In ⁠a statement, Goldman Sachs spokesperson said: “Regular, consistent headcount management is nothing out of the ordinary for a public company. We ​are constantly assessing our performance and ​talent across divisions.”

The decision comes months after Goldman Sachs expansion of its Birmingham office, according to a report by Bloomberg.  

The firm revealed late last year that it intended to create 500 new roles in the city over several years.

Since opening its Birmingham location in 2021 with 30 staff, Goldman Sachs has grown its headcount there to about 500.

This move is expected to double the office’s workforce.

Other international financial institutions have also recently announced job reductions.

Earlier this month, Morgan Stanley cut about 2,500 jobs, or approximately 3% of its workforce, impacting several divisions including investment banking, trading, wealth management, and investment management. 

In January, BlackRock made headlines to reduce its global staff by around 1%, affecting about 250 positions.  

UBS, meanwhile, has set out intentions to cut up to 10,000 roles globally by 2027, as reported by Swiss newspaper SonntagsBlick late last year.  

The bank has not confirmed the precise number but said it aims to limit redundancies both in Switzerland and internationally.