Goldman Sachs Replaces Big Annual Layoff With Targeted Rolling Cuts

Group 1 - Goldman Sachs is initiating a series of small layoffs across all business lines, expected to continue through the summer, with the first cuts beginning in April [1][2] - The bank's annual review process typically results in headcount reductions of 2% to 7%, with the current expected cuts amounting to approximately 1,395 jobs, or 3% to 5% of its staff [3][7] - Goldman Sachs management highlighted a focus on artificial intelligence as a key productivity driver for the bank's future operations, with rising client activity and technology-enabled scale being central themes [8][9] Group 2 - HSBC is also considering significant job cuts, potentially affecting around 20,000 positions, which is about 10% of its workforce, as it shifts towards greater reliance on AI [10]