Goldman Sachs plans to lay off over 1,300 employees, which represents about 3% to 4% of its global workforce. This move is part of the bank's annual review process aimed at removing low performers. The layoffs, reported by the Wall Street Journal, are expected to continue through the fall and will affect various divisions within the firm. The decision comes amid broader cost-cutting strategies in response to a challenging economic environment. Goldman Sachs manages $2.8 trillion in assets.