BENGALURU: Goldman Sachs plans to cut more than 1,300 employees from its global workforce as part of an annual review process to cull low performers, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The bank will likely cut between 3% and 4% of its workforce across various divisions, the report said, adding that the layoffs have already started and will continue through the fall.

Goldman Sachs did not immediately respond to a Reuters request for comment.

The bank’s global workforce stood at 44,300, as of quarter ended June 30. Job cuts between 3% to 4% will likely impact an estimated 1,329 to 1,772 employees.

Goldman reinstated performance-related job culls in 2022 after it was halted for two years owing to the COVID-19 pandemic. Last year, the exercise reportedly resulted in between 1% and 5% of employees losing their jobs.