Goldman Sachs Replaces Big Annual Layoff With Targeted Rolling Cuts

Goldman Sachs is set to begin a series of small layoffs that will continue through the summer and impact all of its business lines, Seeking Alpha reported Thursday, citing a paywalled article by Business Insider.

While the bank has traditionally performed a single headcount reduction called a  “Strategic Resource Assessment” in the spring, it is now allowing business-line leaders to set their own timelines and is expecting several rounds of cuts over the coming months, beginning in April, according to the article, which cited unnamed source.

Goldman Sachs did not immediately reply to PYMNTS’ request for comment.

It was reported in March 2025 that the bank planned to cut between 3% and 5% of its staff, amounting to about 1,395 jobs, in an annual review process.

A Goldman Sachs spokesperson said at the time: “This is part of our normal, annual talent management process.”

It was reported in August 2024 that the bank’s annual review process typically cuts between 2% and 7% of its workforce, with the percentage changing in different years depending on Goldman Sachs’ financial outlook and overall market conditions.

“Our annual talent reviews are normal, standard and customary, but otherwise unremarkable,” a spokesperson said at that time.

Goldman Sachs management said during a January earnings call that the bank had momentum heading into 2026, driven by what executives described as rising client activity and technology-enabled scale across the franchise.

Chairman and CEO David Solomon said during the call that Goldman Sachs’ next operating chapter centers on artificial intelligence as a productivity engine.

Chief Financial Officer Denis Coleman reinforced that focus, noting that productivity initiatives are central to the bank’s efficiency agenda as compensation and transaction-driven expenses rise alongside business volumes.

It was reported Thursday that HSBC is considering widespread job cuts as it relies more on AI. The banking giant’s layoffs are expected to mostly focus on non-client facing jobs in its service centers, though the plans are still being worked out, Bloomberg News reported, citing sources familiar with the matter.

HSBC’s cuts could end up affecting around 20,000 positions, the equivalent of 10% of its workforce, according to the report.