In an upcoming round of layoffs, Goldman Sachs Group is preparing to let go of employees who are not meeting performance expectations. The job cuts are expected to begin as early as next month.
The job cuts will occur as a routine part of the annual staff evaluation process. Furthermore, the reduction for this year will be towards the lower end of the typical range, which usually spans from 1 per cent to 5 per cent of the bank’s workforce.
The company had halted its performance-based job cuts during the pandemic. However, with the return of normalcy, the company resumed its usual practice.
The company will conduct another evaluation later this year. During meetings in June this year, the managing directors were instructed to take even more drastic measures to reduce expenses.
If media reports are to be believed, the company has already begun with its initial phase of the reduction process. However, the exact figures are yet to be determined.
The managers have been asked to compile lists of potential candidates for layoffs. Furthermore, this evaluation will also provide guidance for executives when making compensation decisions at the close of the fiscal year.
In the first quarter, the U.S. Company reduced its workforce by approximately 3,200 employees, marking its most extensive round of layoffs since the 2008 financial crisis. Additionally, there were reports of the company eliminating roughly 250 positions in May.
Value our content... contribute towards our growth. Even a small contribution a month would be of great help for us.
Since eight years, we have been serving the industry through daily news and stories. Our content is free for all and we plan to keep it that way.
Support HRKatha. Pay Here (All it takes is a minute)
