Goldman Sachs is set to execute a major cost-cutting initiative called "Project Voyage," directed by CEO David Solomon. This program aims to evaluate executive roles across various divisions, potentially leading to layoffs or relocations over the next few years. The bank has historically trimmed its workforce by approximately 5% annually through its Strategic Resource Assessment process. This upcoming assessment is expected to be influenced by Project Voyage, particularly targeting underperforming employees or those not adhering to the company's office attendance policy, assuring a strategic approach to workforce management.
Goldman Sachs is launching "Project Voyage" to cut costs, initiated by CEO David Solomon, focusing on laying off or relocating executives across various divisions.
The initiative, expected to roll out over several years, aims to streamline Goldman Sachs' operations while maintaining effective management to meet client needs.
Employees are likely to face cuts through a process known as the Strategic Resource Assessment, which targets bottom performers and those who violate attendance policies.
Comments from Goldman indicate a long-term vision to operate the firm effectively, balancing cost management with necessary investments to sustain growth.
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