Goldman Sachs is reportedly planning to trim its headcount by 3% to 5% during its annual performance review this spring, potentially leading to more than 1,300 job cuts, including under-performing vice presidents.

Goldman Sachs trims its staff, cutting what it deems to be the underperformers. This year, VPs stand to be big targets, BI has learned.

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.

Wall Street investment bank Goldman Sachs (GS) is planning to cut up to 5% of its global workforce with a focus on its vice presidents.Discover

Goldman Sachs (NYSE:GS) is reportedly gearing up for its annual culling of low performers, with overhired vice presidents in the crosshairs as the firm seeks to improve overall efficiency. Senior executives have been informed by Goldman (NYSE:GS) CEO David Solomon that the investment bank added too many vice presidents in recent years relative to