Goldman Sachs cut some jobs last week. It's that time of year

Goldman Sachs didn't discuss job cuts when it reported its third quarter results. This does not mean that Goldman Sachs is not cutting jobs.

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Multiple sources tell us that Goldman cut some jobs last week. It's not clear how many jobs were cut, but it's standard for the firm to cut 3-4% of staff in September as part of its "strategic resource assessment" (SRA). Unconfirmed reports suggest 5%+ of some teams disappeared.

Goldman Sachs didn't comment on the cuts. Insiders suggest they encompassed areas including sales and trading and technology. Speaking off the record, one senior technologist told us "anyone not involved in cloud" had been vulnerable to the cuts and that even AI teams had been trimmed.

Goldman ended Q3 with 47,500 staff. This was 1,300 more than at the end of Q2 (+3%), but 800 fewer than a year earlier (-2%). 

The firm's Q3 earnings release attributed the 1,300 new people added to “the timing of campus hires.” If more than 1,3000 new analysts and associates joined, then Goldman also cut people in Q3. Business Insider said in March that Goldman was adopting a new approach of cutting people throughout the year. 

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