Goldman (GS.US) initiates annual layoffs, aiming to reduce its workforce by 3% to 5%.

Goldman (GS.US) is set to launch its annual round of layoffs, bringing the routine adjustment forward to this spring, instead of the usual time in the second half of the year. The layoff will be in the range of 3% to 5%, according to insiders, which is roughly in line with the size of layoffs in previous years. The layoff will focus on vice president positions. According to unnamed insiders quoted by media, Goldman plans to optimize its workforce structure by laying off employees due to the excessive number of vice president positions it has added in its overall hiring process in recent years. A spokesperson for Goldman responded that the layoff is part of the company's normal annual talent management process and declined to comment further. This year's layoff is scheduled to take place in the spring, while the company usually conducts its layoff adjustment in the second half of the year. According to Goldman's latest annual financial report, the total number of employees worldwide will be 46,500 by the end of 2024, slightly up from 45,300 at the end of 2023, but still lower than 48,500 in 2022. This is consistent with Goldman's strategy of controlling costs and making room for new talent. Goldman usually carries out layoffs annually, but it briefly suspended the annual adjustment during the COVID-19 pandemic. The layoff this spring is expected to help the company optimize its human resources structure to adapt to future market conditions.