Goldman Sachs is set to lay off nearly 1,800 employees as part of its annual review process.

Goldman Sachs is reportedly planning to cut nearly 1,300 jobs from its global workforce as part of its annual review, according to The Wall Street Journal. The layoffs will impact 3% to 4% of the company’s workforce, equating to between 1,300 and 1,800 employees, given that Goldman employed around 45,300 people as of late last year. The cuts, which have already begun and will continue through the fall, are part of the bank’s annual “strategic resource assessment” (SRA). Goldman spokesman Tony Fratto mentioned that these talent reviews are a routine part of their operations and are not unusual. Despite the layoffs, Fratto noted that Goldman’s overall headcount is expected to be higher at the end of 2024 compared to 2023.