Goldman Moves Up Annual Job Cuts, Targets 3% to 5% of Staff

Goldman Sachs Group Inc. is about to start its annual round of job cuts, moving the exercise to earlier in the year after previous reductions took place in the latter half.

The New York-based bank will look to cut between 3% to 5% of staff — broadly in line with prior culls — according to a person familiar with the matter, who asked not to be identified discussing private information. Goldman will focus on reducing vice presidents after it added too many in recent years in relation to its overall hiring, the Wall Street Journal reported earlier, citing people familiar with the matter it didn’t identify.