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Goldman Sachs is cutting jobs as it unveils ‘OneGS 3.0.’ Read the memo detailing its AI-driven overhaul.

October 14, 2025
Goldman Sachs CEO David Solomon addressed AI spending this week at a conference in Italy.

MARCO BERTORELLO/AFP via Getty Images

  • Goldman Sachs is overhauling its marquee OneGS program, launching “OneGS 3.0.”
  • The bank told employees Tuesday in a memo it would leverage AI to accelerate its efficiency goals.
  • As part of that, Goldman announced headcount constraints and a “limited reduction” of some jobs.

Goldman Sachs is rolling out a major AI-driven overhaul of its OneGS program, the cross-bank initiative designed to drive new business and unify the firm’s services under one banner.

As part of that revamp, dubbed OneGS 3.0, Goldman Sachs will implement a “limited reduction in roles” and will restrict head count growth through the end of the year, the company said in a firmwide internal memo on Tuesday seen by Business Insider.

The revamp will “re-wire” Goldman’s operations to boost efficiency, profitability, and client service, CEO David Solomon, President John Waldron, and CFO Denis Coleman said in the memo. “To fully benefit from the promise of AI, we need greater speed and agility in all facets of our operations,” they wrote. “This is a moment for us to expand our ‘One Goldman Sachs’ ethos to our internal operating model.”

During the call with shareholders on Tuesday, Solomon said OneGS would be a multiyear effort and teased some potential changes. He said work streams like sales enablement and client onboarding could get an immediate lift by incorporating AI solutions.

The plans come after Solomon recently said at a conference that he predicted the firm would, in fact, have more employees — not less — in the coming years, thanks to the efficiency gains that would be generated by embracing generative artificial intelligence. Goldman has already leaned heavily into AI, from its GS AI Assistant — an internal ChatGPT-like product — to copilot tools designed to help bankers work more efficiently.

A spokesperson for the bank told Business Insider that the firm anticipates ending 2025 with a net increase in head count; it reported higher staffing numbers in third-quarter earnings, with its global workforce increasing 5% to about 48,000 positions.

Read the full memo that Goldman’s leadership team sent to its workforce on Tuesday.

October 14, 2025

OneGS 3.0 — Transforming the Operating System for the Firm

Over the past seven years, we have meaningfully strengthened our client franchise and unlocked significant value for our shareholders. Since October 2018, our stock price has increased ~250 percent, our book value per share has grown by 79 percent, and we have raised our quarterly dividend by 400 percent.

Our ability to further grow the firm will be materially enhanced by operating more efficiently and effectively. To do this, we believe the time is right to transform the operating system for the firm — what we are calling OneGS 3.0.

The rapidly accelerating advancements in AI can unlock significant productivity gains for us, and we are confident we can re-invest those gains to continue delivering world-class solutions for our clients. While we are still in the early innings in terms of assessing where AI solutions can best be deployed, it’s become increasingly clear that our operational efficiency goals need to reflect the gains that will come from these transformational technologies.

To fully benefit from the promise of AI, we need greater speed and agility in all facets of our operations. This doesn’t just mean re-tooling our platforms. It means taking a front-to-back view of how we organize our people, make decisions, and think about productivity and efficiency. In short, this is a moment for us to expand our “One Goldman Sachs” ethos to our internal operating model.

We have made tremendous progress through our One Goldman Sachs framework to, first, break down silos and improve our ability to serve our clients through our cross-divisional client initiative launched in 2018, and second, increase synergies across our businesses by bringing together our leading franchises in Global Banking & Markets and Asset & Wealth Management. OneGS 3.0 is a natural evolution of this framework that will rewire the firm and further scale the best client service organization in financial services.

This will be a multi-year effort that will build over time. We plan to measure our progress across six goals: (1) enhancing the client experience; (2) improving profitability; (3) driving productivity and efficiency; (4) strengthening resilience and capacity to scale; (5) enriching the employee experience; and (6) bolstering risk management.

To start, we are drilling in on a handful of front-to-back workstreams that can significantly benefit from AI-driven process reengineering and will help inform our longer-term approach. These include priorities such as sales enablement and client onboarding that directly impact the client experience, as well as other critical areas that have touchpoints across the firm, for example our lending processes, regulatory reporting, and vendor management.

Our teams are already seeing a number of opportunities in these areas to deliver the firm even more seamlessly to our clients and drive greater capacity for future growth. To achieve this, we need to have the best people in the right seats, give them the tools to meet the needs of our clients, and implement the most effective and efficient processes. Even when the business is performing well, we have an obligation to review our operations carefully and position the firm for the future.

As part of this broader responsibility, we will constrain headcount growth through the end of the year, in addition to a limited reduction in roles across the firm. These targeted steps are consistent with our priorities of gaining more agility and creating the right team structures in order to implement effective AI solutions and invest in the most attractive long-term growth opportunities.

We don’t take these decisions lightly, but this process is part of the long-term dynamism our shareholders, clients, and people expect of Goldman Sachs. The firm has always been successful by not just adapting to change, but anticipating and embracing it.

We are deeply grateful to all of you for your dedication to the firm and your colleagues — and for always putting our clients first as the firm continues to evolve. We are confident that we can leverage our existing culture of collaboration and one-firm mentality, alongside the latest in technological solutions across AI and automation, to meaningfully transform Goldman Sachs.

David Solomon

John Waldron

Denis Coleman

Read the original article on Business Insider

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