By Saeed Azhar NEW YORK, March 19 (Reuters) – Goldman Sachs plans to cut a small number of underperforming staff in April, a source familiar with the matter told Reuters on Thursday. The cuts are not part of its regular annual culling, dubbed internally as “strategic resource assessment,” under which the Wall Street firm traditionally […]
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Goldman Sachs to make performance-based job cuts in April, source says
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By Saeed Azhar
NEW YORK, March 19 (Reuters) – Goldman Sachs plans to cut a small number of underperforming staff in April, a source familiar with the matter told Reuters on Thursday.
The cuts are not part of its regular annual culling, dubbed internally as “strategic resource assessment,” under which the Wall Street firm traditionally cuts between 1% and 3% of staff, the source said.
“Regular, consistent headcount management is nothing out of the ordinary for a public company. We are constantly assessing our performance and talent across divisions,” a Goldman Sachs spokesperson said in a statement.
Business Insider earlier reported Goldman’s plan to trim staff next month, citing multiple people familiar with the situation.
Corporate America has ramped up its push to cut jobs and streamline operations amid rapid advances in artificial intelligence tools and their rising adoption.
Investment banking giant Morgan Stanley laid off about 3% of its workforce, or roughly 2,500 employees, across all divisions, Reuters reported earlier this month.
(Reporting by Saeed Azhar and Utkarsh Shetti; Editing by Chris Reese and Alan Barona)