As Goldman Sachs fires underperforming VPs, time in office is a criteria
As we were first to report this week, Goldman Sachs is gearing up for another round of job cuts. The cuts, which will hit 3-5% of staff, are expected to afflict vice presidents (VPs) in particular. As Goldman decides who to trim, sources at the bank say multiple criteria are being evaluated.
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Those criteria include standard measures like performance and productivity, but we understand that they also include time spent in the office. Goldman insiders say that office hours are one data point among others in the evaluation of Goldman's underperforming VP engineers in particular.
Unlike JPMorgan, which demanded that everyone return to the office in January 2025, Goldman asked everyone back to the office in 2021. In theory, therefore, Goldman people have been back for years. In reality, it seems that a small proportion of Goldman's employees are laggards and that many may work in tech. "Most of the firm does five days a week in the office, except the technology team," said one insider.
A spokesperson for Goldman Sachs said: "This is part of our normal, annual talent management process. We don’t comment on the specifics in any given year.”
Goldman is understood to be targeting VPs because it hired too many of them and disrupted its hierarchical pyramid.
Despite the cuts, it's understood that Goldman's total headcount this year is likely to remain stable. Insiders suggested that junior recruitment and recruitment in low-cost locations are likely later in the year.
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