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according to cctv finance on september 1, according to comprehensive reports from multiple foreign media, an informed source revealed thatgoldman sachs plans to lay off 1,300 to 1,800 employees worldwide in the next few weeks, accounting for 3% to 4% of its total workforce.the company is also considering cutting staff, which will be eliminated in the annual performance review. this round of layoffs is expected to involve all departments. as of the end of june this year, goldman sachs had about 44,400 employees worldwide.

typically, goldman sachs cuts 2%-7% of its total workforce each year based on various performance factors, with the specific layoff ratio fluctuating based on market conditions and the company's financial outlook.

according to cailianshe, a person familiar with the matter revealed on friday (august 30) that wall street investment bank goldman sachs plans to lay off hundreds of employees as part of the annual evaluation process for underperforming employees.

this move is aimed at controlling costs and making room for new talent, and is a typical practice of goldman sachs. in the past, after a two-year hiatus due to the covid-19 pandemic, goldman sachs resumed this practice in 2022, which is to lay off low-performing employees every year.

a goldman sachs spokesperson said:“our annual talent review is normal, standard and customary. we expect that goldman sachs will have more headcount in 2024 than it did in 2023.”

over the years, layoffs made under goldman sachs' strategic resource review have fluctuated based on market conditions and financial outlook. last year, layoffs were reported to be near the lower end of the usual 1%-5% range. the company conducted multiple rounds of layoffs in 2023 as higher long-term interest rates weighed on the macroeconomic outlook, affecting trading.

goldman sachs shares have surged 32% this year, outperforming the broader market.it also outperformed an index tracking rivals of the largest banks. still, despite the recovery across the industry, dealmaking activity remains below historical averages.

according to the securities times website, the recently disclosed financial report shows that goldman sachs' net revenue in the second quarter was us$12.73 billion, a year-on-year increase of 17%, higher than the previous market consensus of us$12.39 billion. among them, goldman sachs' fixed income, currency and commodities (ficc) business revenue in the second quarter was us$3.18 billion, a year-on-year increase of 17%; investment banking business revenue was us$1.73 billion, a year-on-year increase of 21%; stock sales and trading business revenue was us$3.17 billion, a year-on-year increase of 6.8%. in the second quarter, goldman sachs' net profit exceeded us$3 billion, a year-on-year increase of 150%.

since 2023, many large financial institutions around the world have faced profit pressure due to capital market fluctuations and rapid interest rate increases, and have announced layoffs. the report of the six major wall street banks shows that in 2023, except for jpmorgan chase,bank of america, wells fargo, citigroup, goldman sachsandmorgan stanleyall of them have laid off employees, including wells fargo's global employee headcount reduction of 12,000, citigroup's layoffs of 5,000, morgan stanley's layoffs of 4,800, bank of america's layoffs of 4,000, and goldman sachs' layoffs of 3,200.overall, major wall street banks are expected to lay off nearly 30,000 employees in 2023.

it is worth noting that some major banks will continue to expand layoffs in the future. according to a recent report by the wall street journal, citigroup plans to cut about 20,000 jobs, or 10% of the group's employees, by the end of 2026. by the end of 2023, the group's total number of employees will reach 200,000. deutsche bank also announced plans to lay off 3,500 non-client-facing employees by 2025, a plan that already includes more than 800 positions cut last year.