Last month, Goldman Sachs cut 3-5% of staff globally, with a focus on underperforming vice presidents (VPs). This month, it's cutting several hundred jobs in New York City.

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A WARN notice, posted last Friday by the Department of Labor in New York State, says Goldman will begin cutting 317 jobs at its 200 West Street, its global headquarters, tomorrow.

A spokesperson for Goldman said the cuts have, in fact, already been happening: "This is the same annual talent review that was announced months ago. Many of these jobs can and will be filled with new people in New York or our other offices.”

When Goldman reported its global results for the first quarter in April, it said it hired 100 people in Q1. In London, though, headcount rose by a single person in the first quarter. 

Like most banks, Goldman is squeezing costs. Alongside the VP cuts in May, it initiated "Project Voyage" to persuade people in high-cost locations like New York to move to low-cost locations like Dallas and Salt Lake City. The latest New York cuts maybe be allied to this.

Photo by Florian Cordier on Unsplash

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