Goldman Sachs' job cuts might start tomorrow
Goldman Sachs is cutting jobs in the fourth quarter. Tomorrow might be the day they start.
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Goldman Sachs isn't commenting on the timing of its job cuts but sources at the firm claim tomorrow is the day they begin, including in the UK and the US. Next week, however, may be the week that they really ramp-up.
Depending upon local law and notice periods, insiders say the cuts are expected to go on until mid-December.
Bloomberg reported last month that Goldman was planning a "limited reduction in roles across the firm" as it implements AI. Insiders say that up to 5% of jobs will be cut, implying a reduction of up to 2,400 people. Goldman already cut vice president (VP) jobs earlier this year. And yet, between September and June 2025, it accumulated an extra 2,400 people, to reach a total of 48,300 employees.
Goldman ended last year with 46,500 employees. A spokeswoman told Bloomberg in October that the firm plans to end the year with more employees than it started with, suggesting no more than 1,800 jobs will actually disappear in the coming round.
Some front office managing directors (MDs) at Goldman Sachs still tell us they've heard nothing of the coming job cuts, suggesting they might hit support functions hardest. Others, however, say the cuts are coming across the board.
Either way, it seems that the choice of who will be cut has already been. "The lists are frozen, ready for execution," says one Goldman insider.
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