Goldman Sachs Group is planning to lay off employees who are not meeting performance expectations in an upcoming round of layoffs. The layoffs are expected to begin as soon as next month.
Job cuts will be made as part of the annual staff evaluation process. Furthermore, this year’s reduction will be at the lower end of the typical range, which typically ranges from 1% to 5% of the bank’s workforce.
During the pandemic, the company halted its performance-based job cuts. However, once normalcy was restored, the company resumed its usual operations.
Later this year, the company will conduct another evaluation. The managing directors were instructed to take even more drastic measures to reduce expenses during meetings in June of this year.
According to media reports, the company has already begun the first phase of the reduction process. The precise figures, however, have yet to be determined.
Managers have been tasked with compiling lists of potential layoff candidates. Furthermore, the results of this evaluation will help executives make compensation decisions at the end of the fiscal year.
The United States Company laid off approximately 3,200 employees in the first quarter, the most extensive round of layoffs since the 2008 financial crisis. Furthermore, the company was reported to have cut approximately 250 jobs in May.
