- Goldman Sachs has a large plan to clarify its ranks and reduce costs.
- The plan is called “Project Voyage”, learned Business Insider.
- See what the project’s journey involves – and that should be affected.
Goldman Sachs has a large plan to clarify his ranks and reduce costs – and he is called “project trip”.
CEO David Solomon has responsible staff to provide the bank with lists of managers who could help save money to the company through dismissals or relocations, Business Insider learned. The plan, which was nicknamed “Project Voyage”, started in the fourth quarter of 2024 and should be deployed in a certain number of years, according to a former Goldman employee, who was not allowed to speak to the press and asked to remain anonymous.
The initiative will be deployed on a company level, affecting divisions such as World Bank and markets, asset management and wealth, engineering, operations, communications, marketing and back office, said this person.
A Goldman spokesperson pointed to the comments that Salomon made in January on “a three-year program” to better manage the bank’s expenses.
“As discussed at length when we call for profits in the fourth quarter, we focus on the exploitation of the effective and cautiously long-term business, managing our business to meet the needs of our customers and reinvest growth,” a spokesperson for Goldman said in a statement sent by email.
Who could be touched
Each year, Goldman Sachs reduces up to 5% of its lower artists thanks to a process known internally as the strategic assessment of resources, or SRA. Employees who do not regularly comply with the office of frequentation of the office of five days a week of Goldman, for example, could be vulnerable to a cup through the SRA – especially if they are deemed underperformants in their work.
The SRA of this year, however, will be informed to a certain extent by “Travel of the project”, said the ex-stormy guest.
Bank vice -presidents – a title is between associate directors and directors – will be visible for parts in part because Project Voyage has identified this group as too large and expensive. As BI reported it on Wednesday, the VP ranks of Goldman became so inflated that its VPs have reported more and more to other VPS rather than to management directors. The remuneration of VPs oriented by customers can reach $ 1 million, including the basic salary and bonuses, said the former employee.
In addition to lighting swollen parts from the organizational table, Project Voyage will identify employees who could help save money by moving from Goldman’s head office to New York, located in Lower Manhattan, at offices at lower cost such as Dallas, Texas; And Salt Lake City, Utah, according to people familiar with the program.
The plan also provides that the jobs lost through the SRA are padded in places at a lower cost rather than in New York, said this person.
Goldman divisional chiefs compile their lists of cups and relocations through their main operational teams. In Wall Street, division roucoules tend to supervise the administrative functions of their teams.
The Goldman office in Dallas is on the right track to go from its current workforce of approximately 4,600 employees to 5,000 when it opens a Campus of $ 500 million at the cutting edge of technology In 2028. The mayor of the city previously authorized $ 18 million in tax incentives to the company if it reaches this objective. The incentives are valid until the end of 2028.
Reed Alexander is correspondent at Business Insider covering Goldman Sachs and Wall Street Banks. It can be attached by e-mail to ralexander@businessinsider.comor SMS / The encrypted application signal at (561) 247-5758.
businessinsider
