Goldman Sachs Group Inc.
GS,
plans to lay off underperforming bankers as early as October as part of the bank’s review process that has resulted in 1% to 5% overall job cuts in the past, the Financial Times reported. Citing people familiar with the bank, the FT report said Goldman is aiming for the lower end of the range in its investment banking and trading units. Goldman Sachs executives have said that they will launch performance reviews, but they have not yet publicly disclosed any targets or timing. Goldman Sachs reported 44,600 employees at the end of the second quarter. Based on that figure, a 1% head count cut would affect 446 workers. Goldman Sachs stock was down 0.2% in premarket trades on Friday, the day after chief executive David Solomon said he continues to focus on growing Goldman’s core businesses despite negative press reports about his leadership style.
