Goldman Sachs (NYSE:GS) is set to wield the axe on staff numbers again in October in what has now become an annual round of culling those perceived to be weak performers by the investment bank.
Typically the cull sees 1% and 5% of staff depart. This time Goldman is looking at the lower end of the range with a focus on its core investment banking and trading divisions, according to a report in the FT.
Some 500 staff left this time last year though this was less than expected due to the bank's hopes of a market rebound early in 2023.
The bounce never happened and in the first quarter another 3,200 jobs were cut, the bank's biggest cull since the financial crash of 2008, with a further 250 going in May.
Goldman said its aim is to cut overheads by US$1 billion when it revealed second-quarter profits had fallen by 60% including write-downs.
At the end of 2022, Goldman employed just under 49,000 staff.