Layoffs: This Bank Plans To Reduce Workforce For Second Time In 2024, Says Report. Find Out More

Goldman Sachs Layoffs: The bank is planning to let go of a few hundred employees as part of the firm’s annual workforce reduction based on performance, the report said

This decision follows the general approach taken by the bank to cut down operating costs and free up resources to recruit fresh talent. (Image Source: Mondo)

Source : Mondo

Goldman Sachs Layoffs: Goldman Sachs Group is reportedly planning to reduce its workforce in the coming weeks, media reports said. The company is looking to let go of a few hundred employees as it removes the low-performing staff, the reports said.

The layoffs are a part of the firm’s annual workforce reduction based on performance, reported Bloomberg citing sources in the know. In 2024 so far, the bank has slashed its overall workforce by nearly 3 per cent to 4 per cent, including the latest ones, the report noted.

Majority of these layoffs were conducted earlier this year, the news website stated citing an anonymous source. This decision follows the general approach taken by the bank to cut down operating costs and free up resources to recruit fresh talent. During COVID-19, the firm placed the annual process on hold.

Around mid-year, the report noted that the bank operated a workforce fo 44,300 people. Citing a spokesperson from the firm, the report said that this staff review is a normal and standard process followed by the bank and the firm further intends to add more individuals to its workforce by the end of 2024.

Notably, the wave of layoffs across the globe doesn't seem to be ending anytime soon. In August itself, major companies such as Apple, IBM, General Motors, Sephora, and Mastercard, among others cut down jobs for several employees. IBM closed its research and development operations in China, sacking more than 1,000 individuals, while General Motors announced a reduction in global workforce by over 1,000 employees.

Paramount Global announced this month that it is reducing its US staff by 15 per cent. Cisco also said that it is conducting a second round of layoffs in the month which will see its workforce slashed by 7 per cent.