Goldman Sachs to make performance-based job cuts in April, source says

By Saeed Azhar

NEW ‌YORK, ​March ​19 (Reuters) - Goldman Sachs plans to cut a small number of underperforming ‌staff in April, a source familiar ⁠with the matter told Reuters on Thursday.

The cuts ‌are not part of ‌its regular annual culling, dubbed internally as "strategic resource assessment," under which the Wall ​Street firm traditionally cuts between 1% and 3% of staff, the source ⁠said.

"Regular, consistent headcount management is nothing out of the ​ordinary for a public company. We are constantly assessing our performance and ​talent across divisions," a ‌Goldman Sachs spokesperson said in a statement.

Business Insider earlier reported ⁠Goldman's plan to trim staff next month, citing multiple people familiar with the situation.

Corporate ⁠America has ramped up its push to cut ​jobs and streamline operations amid rapid advances in artificial intelligence tools and their rising adoption.

Investment banking ‌giant Morgan Stanley laid off about 3% of its workforce, or ‌roughly 2,500 employees, across all divisions, ⁠Reuters reported earlier ‌this month.

(Reporting by ​Saeed Azhar and Utkarsh Shetti; Editing by Chris Reese and Alan ‌Barona)

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