Goldman Sachs Group Inc. plans to dismiss underperformers as soon as next month, as part of the Wall Street firm’s annual evaluation of staff, the Financial Times reported.

Reductions this year will be at the lower end of the bank’s usual range of 1% to 5% of its workforce, the newspaper said, citing unidentified people familiar with the matter.

New York-based Goldman had a headcount of 48,500 as of December 2022, with 52% based in the Americas, 19% in EMEA and 29% in Asia, according to its annual report. It spent $15.1 billion on compensation and benefits last year.

Chief Executive Officer David Solomon reminded investors on an earnings call in July that the bank, which halted firings in the pandemic, had resumed its regular performance-based process and would conduct it again in late 2023. The review paves the way for executives to make compensation decisions at the end of the year.

Goldman managers have started drafting lists of those who may be cut, the FT said. The final numbers are still being set.

A representative for Goldman declined to comment.

Back in January, the bank had embarked on one of its biggest round of job cuts ever, when it moved to eliminate about 3,200 positions. That came amid a re-examining of costs by executives across the industry as a rebound in dealmaking takes longer to materialize.

--With assistance from Ambereen Choudhury and Steven Arons.

(Updates with Goldman representative declining to comment in sixth paragraph.)