Goldman Sachs has a small round of annual layoffs coming soon

Goldman Sachs is planning another round of job cuts in the coming months.

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Sources at the bank say the firm is planning another round of cuts, affecting 3-5% of staff. They're expected to happen in May.

The cuts are Goldman's standard annual cull of underperformers. A spokesperson for the bank said: "Like other banks, this is part of our normal annual talent management process. We don’t comment on the specifics in any given year.”

In recent years, however, Goldman has made its annual cull in the third quarter. The last round of annual cuts took place in September 2024. 

By cutting staff in May, Goldman is reverting to a schedule that existed pre-COVID. It is also giving itself more time to plan and execute the cuts before the end of the year. There are unconfirmed suggestions that mid-ranking individuals will be most affected. 

The cuts come as other banks are also trimming staff. Bank of America, for example, has been cutting both equities professionals and investment bankers. 

Many banks had high hopes for revenues this year. So far, however, things have not gone to plan. 

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