Goldman Sachs has communicated to its employees about upcoming job cuts before the end of the year. This decision is part of the bank’s ongoing effort to enhance savings and capitalize on efficiencies stemming from artificial intelligence (AI).
Upcoming Job Cuts at Goldman Sachs
In an internal memo, the firm indicated a “limited reduction in roles” across its operations. Furthermore, Goldman plans to “constrain headcount growth through the end of the year.” Despite these reductions, spokesperson Jennifer Zuccarelli declared that Goldman Sachs anticipates an overall increase in headcount by year-end.
Current Workforce Statistics
- Total employment as of September: 48,300
- Increase in employees since last year: approximately 1,800
- Previous job cuts in 2023: 700 during the second quarter
OneGS 3.0 Strategy Driven by AI
The memo also introduced the bank’s “OneGS 3.0” strategy, which highlights expected efficiency gains through AI technologies. Senior executives, including CEO David Solomon, President John Waldron, and CFO Denis Coleman, emphasized the significance of implementing AI in areas such as:
- Client onboarding
- Lending processes
- Regulatory reporting
- Vendor management
They noted that this initiative would be a “multiyear effort” aimed at improving operational efficiency. The executives acknowledged the need for “greater speed and agility” in all aspects of operations to fully embrace the potential of AI technologies.
The forthcoming job cuts follow earlier reductions as part of Goldman Sachs’ traditional annual adjustments, indicating a calculated approach to workforce management as the bank navigates its transformation towards AI implementation.
