Goldman reports strong results; 1.1M applicants, internships below 1%

Goldman Sachs closed 2025 with robust earnings, reporting fourth-quarter EPS of $14.01 and a full-year EPS of $51.32, driven by strength across investment banking, equities and asset & wealth management. Management framed the performance as enabling both capital returns and continued investment in technology and people, raising the quarterly dividend to $4.50 per share while maintaining share repurchases.

The firm disclosed total operating expenses for the year of $37.5 billion, split roughly evenly between compensation at $18.9 billion and non-compensation expenses at $18.6 billion. Included in 2025 compensation was a $250 million severance charge. Headcount was described as modestly higher over the year even as leadership emphasized productivity gains and efficiency work under programs such as OneGS 3.0.

The most striking hiring signal for applicants and employees was the scale of demand: experienced-hire applications topped about 1.1 million in 2025, up roughly 33% year-on-year, while internship selection rates remain extremely selective at below 1 percent. Those figures underline an intensely competitive recruiting environment at every level of the firm, from campus pipelines to lateral hires. For recruiters, the surge in applications tightens the top of the funnel and increases screening burdens; for candidates, it ratchets down acceptance odds even for strong résumés.

Management said the bank is deploying AI and process redesign to free capacity to hire higher-value roles and expand franchise activities. That strategy signals a shift in the types of roles the firm will prioritize: employees with skills that complement automation and those in growth areas such as technology, data, and client-facing advisory work may see more opportunities, while routine process roles could be targeted for reshaping or consolidation. The $250 million severance figure suggests some workforce transitions occurred in 2025 even as overall headcount grew modestly.

For current employees the message is mixed. Strong returns supported by efficiency programs mean continued investment in priority areas, but the emphasis on productivity and redeployment means many roles will face changing expectations and potential reskilling. For interns and early-career applicants, the sub-1 percent acceptance rate should recalibrate assumptions about the campus pipeline and prompt broader sourcing strategies.

Looking ahead, the balance between capital returns and targeted hiring will be a key watch item for workers and job seekers. Candidates will likely need sharper differentiation and tech fluency to stand out, while employees should expect ongoing efficiency initiatives and opportunities in higher-value roles as the firm reshapes how work gets done.