Goldman Sachs is shifting its annual headcount reduction process to spring from fall, with a particular emphasis on trimming its vice-president ranks. This move aligns with the bank's Strategic Resource Assessment (SRA) practices, aimed at addressing underperformance. Reports suggest that 3% to 5% of employees might face cuts. CEO David Solomon has outlined a three-year cost management strategy emphasizing operational efficiency and the utilization of technology. The recent growth in the VP cohort led to organizational inefficiencies, with reports indicating instances of VPs reporting to other VPs.
Goldman Sachs has relocated its annual headcount reductions to spring, targeting vice presidents as part of its ongoing talent management strategy.
CEO David Solomon emphasized that operational efficiency is a key strategic goal, and plans are in place to manage expenses effectively over the next three years.
The firm plans to address the overabundance of vice presidents, where VPs were increasingly reporting to other VPs instead of managing directors, indicating organizational inefficiencies.
A spokesperson reiterated that these cuts are a normal part of their annual Strategic Resource Assessment, although specific annual details are not typically disclosed.
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