Goldman Sachs Group (NYSE:GS) is said to have informed its employees of potential job cuts and a hiring slowdown through 2025-end amid a push to enhance productivity using artificial intelligence.
For the AI initiative called “OneGS 3.0”, priorities include sales and client on-boarding process, lending processes, regulatory reporting, and vendor management, Reuters reported, citing an internal memo.
The memo was reportedly signed by CEO David Solomon, President John Waldron, and CFO Denis Coleman.
Earlier today, the banking giant reported third-quarter expenses, which exceeded the average analyst estimate.
Meanwhile, earnings, revenue, and net interest income came in higher than Wall Street consensus estimates, helped by increased investment banking activity and growth in its assets and wealth management unit.
Goldman Sachs still expects to end 2025 with an increase in the overall headcount, a spokesman reportedly told Reuters.