Aug 30 (Reuters) - Goldman Sachs ( GS ) is planning to

cut a few hundred jobs as part of an annual review process aimed

at low performers, a person familiar with the matter told

Reuters on Friday.

The investment bank reinstated performance-related job cuts

in 2022 after halting it for two years due to the COVID-19

pandemic.

"Our annual talent reviews are normal, standard and

customary, but otherwise unremarkable," a Goldman spokesperson

said in a statement to Reuters. "We expect to have more people

working at Goldman Sachs ( GS ) in 2024 than 2023."

Last year, the exercise reportedly resulted in 1% to 5% of

Goldman employees losing their jobs. Over the years, the cuts

done under Goldman's strategic resource assessment has

fluctuated based on market conditions and its financial outlook.

The bank's global workforce stood at 44,300, as of quarter

ended June 30. It took on multiple rounds of workforce

reductions in 2023 as dealmaking suffered and higher-for-longer

interest rates weighed on the macroeconomic outlook.

The operating environment for banks has since improved with

Goldman reporting second-quarter profit that more than doubled

in July on strong debt underwriting and fixed-income trading.

The resilience of the U.S. economy has given corporate

executives the confidence to pursue deals, debt sales and stock

offerings. But despite an industry-wide recovery, dealmaking

activity has remained below historical averages.

Goldman shares turned positive in afternoon trading and

closed 0.6% higher. The stock has surged 32% this year and has

outperformed the broader markets, as well as an index tracking

rival large-cap banks.

Earlier in the day, a Wall Street Journal report said the

layoffs that have already begun will continue through the fall

and may impact more than 1300 employees, or 3% to 4% of its

workforce.

Goldman, however, said in its statement to Reuters that the

numbers reported by the Journal were not accurate.

(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)