Goldman Sachs Group Inc. has told employees to brace for another round of job reductions this year as the bank looks to trim costs and capitalize on efficiency gains from artificial intelligence.
In an internal memo outlining its new “OneGS 3.0” strategy, senior executives said the firm plans to limit headcount growth through year-end and make a “modest reduction in roles” across divisions, Bloomberg reports.
Chief Executive Officer David Solomon, President John Waldron, and Chief Financial Officer Denis Coleman said in the memo that AI adoption will be a multiyear initiative, with early applications in client onboarding, lending, regulatory reporting, and vendor management.
“While we’re still in the early stages of deploying AI solutions, it’s increasingly clear that our efficiency targets must reflect the advances these technologies can bring,” the executives wrote.
They emphasized that realizing AI’s full potential will require faster decision-making and operational agility “beyond simply retooling our platforms.”
Despite the cuts, Goldman still expects its total workforce to end 2025 higher than last year.
Spokesperson Jennifer Zuccarelli said by phone that Goldman’s headcount stood at roughly 48,300 employees at the end of September, up about 1,800 from last year.
The bank has already reduced staff earlier this year as part of its annual workforce review, leaving net headcount about 700 lower at the end of the second quarter.
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