Goldman Sachs may soon implement a fresh round of jobs cuts as the firm gears up for a makeover that will revolve around artificial intelligence. Employees have already received a memo stating that the bank will carry out ‘limited reduction in roles across the firm’, Bloomberg reported.
This is part of Goldman Sachs’ “OneGS 3.0” strategy, which is aiming to boost the firm’s productivity and shift to more technology-driven roles. By doing so, the bank is looking to cut costs.
The employees were also informed of a restriction in headcount growth and that the new job cuts could take place by the end of the calendar year, it said.
The total headcount at Goldman Sachs was around 48,300 at the end of September, which is 1,800 higher than what it was at the same time last year.
Despite the jobs cuts, it appears the bank is well on its way to end the year with an increase in overall headcount.
