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Goldman Sachs plans new job cull for bankers deemed underperformers

Cuts under annual ‘strategic resource allocation’ scheme expected to be at lower end of range

Goldman Sachs is preparing to impose another round of job cuts for employees deemed to be bottom performers, which could come as early as next month, said people familiar with the matter. 

The move being planned typically results in between 1 per cent and 5 per cent of company-wide employees losing their jobs. Goldman is targeting a number at the lower end of that range at parts of its core investment banking and trading businesses and aims to begin the process as early as late October, the people said.

One per cent of Goldman’s total headcount, which also includes asset and wealth management as well as operational roles, would equal about 440 jobs.

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