Goldman Sachs is now changing its long-standing practice of conducting large-scale annual layoffs as the companies now opting for a series of smaller job cuts rolling out this year. According to a report by Business Insider, the Wall Street bank will starting trimming the staff in April, with additional cuts expected through summer. Goldman has a history of carrying out ‘Strategic Resource Assessment’ (SRA) in the spring and fall, cutting up to 5% of its global workforce in one round a process that could eliminate thousands of jobs at once. However, this year the bank is skipping its spring SRA in favour of multiple smaller rounds offering more flexibility to divisional leaders over timing.
Job cuts to affect multiple divisions
As per the Business Insider report, the job cuts at Goldman Sachs are said to affect all divisions including the investment banking powerhouse and the expanding asset and wealth management unit. However, the job cuts will be smaller in scale as compared to the round conducted in last March which targeted around 2,300 jobs. However, the company has not yet revealed the final number. A Goldman Sachs spokesperson said: “Regular, consistent head count management is nothing out of the ordinary for a public company. We are constantly assessing our performance and talent across divisions.”
Layoffs not related to “One Goldman Sachs” Strategy
Sources told Business Insider that the layoffs are not directly linked to Goldman’s “One Goldman Sachs” initiative, announced last October, which focuses on integrating business lines and driving efficiency through AI. That initiative included a limited reduction in roles but was aimed more broadly at streamlining operations.Goldman reported $58 billion in revenue for 2025, up 9% from the prior year, underscoring that the cuts are not driven by financial distress. Instead, they reflect a shift in how the bank manages underperformers and workforce efficiency. The move comes amid broader industry downsizing. Citi and Amazon have announced reductions totaling about 16,000 roles this year, while software firms like Atlassian and Block have also trimmed staff.
