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.

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

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.

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

A Goldman spokesperson didn’t immediately respond to messages seeking comment.

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