Goldman Sachs officially restarts annual layoffs following long Covid-19 pandemic pause

Goldman Sachs is back with its annual culling cycle following a long pause due to Covid-19 officially reinstating a tradition of annual employee culls that usually target the 1% and 5% of lower performers.

Goldman Sachs plans to lay off several hundred employees this month. According to a source, these staff reductions will most likely begin as early as next week. The bank's employee count is up 15% compared to last year which equals out to roughly 47,ooo employees. If the company was to cut the 1% they would be laying off roughly 500 bankers.

Goldman Sachs also plans to reinstate its annual performance review for employees starting at the end of this year. This process was also suspended due to the Covid-19 pandemic.