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Goldman Sachs Group Inc. plans to cut as many as 4,000 jobs as it struggles to reach profitability targets, Semafor reported.
The cuts may amount to up to 8% of the bank’s workforce, Semafor reported, citing unnamed people familiar with the matter. Managers have been asked to identify low performers, but no final list has been drawn up, the news outlet reported.
Bloomberg reported earlier this week that the Wall Street firm is aiming to cut at least a few hundred more jobs as it restructures its struggling consumer business and braces for an uncertain economy in the year ahead.
Chief Executive Officer David Solomon has said he’s dialing back the firm’s ambitions for consumer banking and signaled he’s reviewing other business lines to manage head count and limit costs. The latest cuts appear to go beyond the firm’s annual exercise of weeding out underperforming staff, which was the focus just months ago.
Michael J. Moore reports for Bloomberg News.
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