Wall Street giant Goldman Sachs recently sent a memo to employees announcing a new round of layoffs before the end of the year to reduce costs and accelerate the adoption of artificial intelligence (AI). The company stated it would "control headcount growth" and "limited reductions in some positions," but spokesperson Jennifer Zuccarelli added that overall headcount is expected to remain above its beginning-of-year level by the end of 2025. As of the end of September, Goldman Sachs' global headcount was 48,300, an increase of approximately 1,800 from the end of last year.
This contradictory statement underscores Goldman Sachs' simultaneous launch of its "OneGS 3.0" strategic transformation. CEO David Solomon and other senior executives emphasized in the letter that AI technology will revolutionize efficiency in key areas such as client onboarding and loan processing, but that this is a "multi-year project." While the company is still in the evaluation phase of AI deployment, it has explicitly mandated that operational targets reflect the benefits of technological change. Notably, Goldman Sachs' stock price fell in early trading on Tuesday after its earnings report showed rising expenses despite industry-leading investment banking revenue growth.
This is not the first time Goldman Sachs has adjusted its workforce structure. In the second quarter of this year, the bank reduced its staff by 700 through regular layoffs. Analysts believe this "layoffs and hiring" strategy reflects a typical characteristic of the financial industry's digital transformation: cutting traditional positions while increasing the pool of technical talent. Goldman Sachs management specifically emphasized that unleashing the potential of AI requires a comprehensive improvement in operational agility, which requires not only technological upgrades but also a restructuring of the organizational structure.
