TLDRs;
- Goldman Sachs trims select roles, yet overall workforce grows due to AI-driven hiring.
- “OneGS 3.0” strategy pushes AI in onboarding, lending, and regulatory reporting.
- Net headcount reached 48,300 by September, surpassing 2023 year-end by 1,800.
- AI adoption reflects a broader trend in banks aiming to boost efficiency and cut costs.
Goldman Sachs is preparing for another round of job reductions this year, signaling its continued effort to optimize costs and enhance operational efficiency.
According to an internal staff memo obtained by reliable sources, the New York-based investment bank will limit headcount growth through 2025 while implementing a “limited reduction in roles” across certain divisions.
Despite these selective cuts, Goldman Sachs’ total headcount is projected to rise by the end of the year. As of September 30, the firm employed 48,300 staff, an increase of roughly 1,800 compared to the end of 2023. This paradox, where roles are reduced but headcount climbs, is largely driven by the bank’s growing investment in artificial intelligence talent.
OneGS 3.0: AI at the Core
Central to this growth is Goldman Sachs’ newly unveiled “OneGS 3.0” strategy, a multiyear initiative aimed at embedding AI across multiple operations. The plan focuses on improving client onboarding, automating lending processes, streamlining regulatory reporting, and optimizing vendor management.
The bank’s AI integration goes beyond planning. Its in-house generative AI tool, the GS AI Assistant, is already in production, assisting thousands of employees with document summarization, data analysis, and other time-intensive tasks.
While OneGS 3.0 does not set explicit cost-saving targets or establish precise productivity metrics, management emphasizes that AI is expected to enhance operational efficiency and long-term scalability.
Industry-Wide AI Acceleration
Goldman Sachs’ AI push is part of a broader trend in the banking sector. Competitors such as Morgan Stanley, JPMorgan Chase, and Citigroup are similarly deploying AI solutions to automate labor-intensive processes like Know Your Customer (KYC) checks, client onboarding, and compliance reporting.
For AI vendors, this represents a clear buying cycle. Goldman’s focus on operational areas, from sales enablement to vendor management, signals strong demand for technologies that can deliver measurable productivity gains while maintaining strict regulatory compliance.
Document automation for onboarding and KYC remains particularly attractive because these processes are traditionally resource-heavy and tightly regulated.
Balancing Costs and Expansion
The announcement coincided with reports of higher third-quarter expenses, underscoring the challenge of balancing cost discipline with strategic investments.
Goldman Sachs has stressed that while selective headcount reductions are necessary, AI hiring will remain a priority to support efficiency gains and long-term operational goals. Investment-banking revenue climbed during the same period, suggesting that the firm can reinvest gains into technology and human capital to maintain competitive advantage.
As AI continues to reshape workflows across Wall Street, Goldman Sachs appears determined to leverage automation while carefully managing its workforce. The simultaneous trimming of roles and expansion of AI-focused talent reflects a new era in banking, where efficiency and innovation drive hiring decisions rather than conventional headcount strategies alone.
