Goldman Sachs set to ax under-performers in latest layoffs

Goldman Sachs CEO David Solomon will whack 3% to 5% of its workforce — including scores of under-performing vice presidents — as part of the Wall Street giant’s annual round of layoffs, The Post has learned.The move will not slash the firm’s global headcount of 46,500 because the firm plans to bring new hires on board later this year, bank insiders said.Those who are about to get the boot were given either poor annual reviews last year or smaller-than-expected bonuses this year in a thinly-veiled suggestion for them to seek employment elsewhere, according to the Wall Street Journal, which first reported the cutsMultiple Goldmanites previously told The Post that they believed their compensation had been pared back to boost the bank’s bottom line.“Like other banks, this is part of our normal, annual talent management process.We don’t comment on the specifics in any given year,” a Goldman spokesperson told The Post.Solomon, who got a 26% pay hike last year to rake in $39 million in compensation, has looked to refocus Goldman’s business on its traditional investment banking and asset management activities after a mixed foray into consumer banking.He is also having to carefully navigate the firm’s move to rollback so-called diversity, equity, and inclusion policies amid the threat of lawsuits from the Trump administration’s Department of Justice, as The Post exclusively reported.Last week, Goldman tapped Solomon’s long-time confidante, chief operating officer John Waldron, to join the bank’s board of directors.The move to elevate the 55-year-old moneyman was seen on Wall Street as part of Solomon’s succession planning.Waldron’s 2024 compensation has not yet been disclosed but both men were handed “golden handcuffs” bonuses of $80 million that will fully vest in 2030.The revelations came in January after Goldman announced that its profits soared to $14 billion in 2024, compared with $8.5 billion a year earlier.

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