Investment bank Goldman Sachs is set to eliminate around 3-4% of its global workforce, as part of the bank’s annual review process known as a “strategic resource assessment,” or SRA.
The actual number of job cuts is expected to be around 1300-1800, according to The Wall Street Journal.
The report said the job cut will impact the various divisions of the investment bank which employed about 45,300 people as of late last year.
“Our annual talent reviews are normal, standard, and customary, but otherwise unremarkable,” the report quoted Tony Fratto, a Goldman spokesman. He noted that the head count at Goldman is expected to be higher at the end of 2024 compared to 2023.
The strategic resource allocation, commonly referred to as SRA, was earlier temporarily halted amid the Covid-19 pandemic. It resumed last year, coinciding with job cuts that fell toward the lower end of the historical range.