Goldman (GS.US) plans to lay off more than 1,000 people, or 3% to 4% of its 24-year workforce.
1min read Goldman Group (GS.US) plans to lay off more than 1,300 employees globally as part of a plan to get rid of underperforming employees, according to insiders. The layoffs are expected to account for 3% to 4% of Goldman's total workforce in 2024.
Most of the layoffs have already taken place earlier this year, which is a regular move for Goldman to control costs and make room for new talent. Goldman suspended its annual layoffs of underperforming employees during the COVID-19 pandemic, and its layoff ratio last year was close to the lower end of the usual 1%-5% range.
Several large banks around the world have announced layoffs this year due to the volatility in the capital market and the rapid rise in interest rates, which have put pressure on their profits. Goldman laid off more than 3,000 employees earlier this year, of which one-third came from the investment banking and global markets division. In addition, Morgan Stanley (MS.US) also cut about 4,800 positions at the beginning of the year, while Citigroup (C.US) laid off 5,000 employees in 2023.
