The investment banking giant stands by its practice of regular staff cuts often called its 'annual cull,' trying to cut between 3 and 5 percent of its workforce of 46,500.

Goldman Sachs is gearing up for its annual workforce reduction, with plans to trim between 3% and 5% of its employees, marking a shift in timing for the firm's regular personnel cuts. Unlike previous years, when these layoffs typically occurred in the second half of the year, this round is expected to take place in the spring.

Goldman Sachs plans to trim its staffing by 3% to 5% in an annual performance review process this spring, said a source familiar with the matter who declined to be identified discussing personnel matters.

Goldman Sachs is reportedly planning to reduce its headcount by 3% to 5% during its annual performance review this spring.

NEW YORK (Reuters) - Goldman Sachs plans to target a cut of between 3% to 5% of staff as part of an annual performance-related review it will take in spring, a source familiar with the matter said. The last time the Wall Street firm conducted a similar review in September, that led to a small number of job cuts.