Goldman Sachs will lay off over a thousand employees, and the cuts are a part of the company’s annual strategic resource assessment. The layoffs will reduce Goldman Sachs’ headcount by around three to four percent. The company’s overall headcount will still be higher than it was in 2023. The job cuts are standard practice at the bank but were not carried out during the COVID-19 pandemic. The company resumed the reductions starting in 2022. The severity of the layoffs depends on the country’s economic conditions, the company’s financial health, and employee performance reviews. Other major banks have also conducted layoffs in recent months, and this is likely attributed to an uncertain market and fewer deals. Banks have also focused on lowering costs and making operations more efficient.
See "More than one thousand Goldman Sachs workers will be affected by annual layoffs", Jack Kelly, Forbes, September 4, 2024