As Goldman Sachs is trying to manage the underperforming
staff, they plan to lay off some low-performing workers in the next month.
The bank is going to fire some workers, which will result in a loss of approximately 4% of
the bank’s workforce.
Goldman Sachs is about to carry out its yearly performance review that will see several
hundreds of underperforming staff sent packing. This has been a regular practice for them as a
way of managing costs and also creating opportunities for new people. With this latest round of
layoffs, it is expected that up to around three percent (3-4%) of the employees’ positions
will be eliminated in 2024.
Although there are impending job cuts, Goldman Sachs anticipates expanding its workforce by
the end of 2024 compared to what it was in 2023. The organization’s stock has recently hit an
all-time high; soaring by more than thirty-two percent (32%), which equates to above five
hundred dollars ($510).
The regular performance assessment was suspended during the pandemic and within last year
remained just within two percent (2%) of what is regarded as its lower limits, i.e., between one
and five percent (1%-5%). In June this year, Goldman Sachs had forty-four thousand three
hundred (44,300) employees. A spokesperson working for the firm has asserted that such
assessment is an annual procedure adopted by all companies.
The dismissals form part of their efforts towards retaining a competitive workforce while being
able to control expenditures. Notably, despite anticipated job losses in days ahead, strong
banking stock price indicates improving fortunes for the organization as evidenced by robust
financial performance recently observed in these firms.
Credit: This article is based on information from NDTV
