The investment banking giant stands by its practice of regular staff cuts often called its ‘annual cull,’ trying to cut between 3 and 5 percent of its workforce of 46,500.

By Saeed Azhar NEW YORK (Reuters) -Goldman Sachs plans to trim its staffing by 3% to 5% in an annual performance review process this spring, said a source familiar with the matter who declined to be identified discussing personnel matters.

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.