Goldman Says 2026 Will See Slower, Targeted Headcount Growth

Goldman Sachs signaled a shift in people strategy for 2026, with CEO David Solomon saying the firm expects a "slower" trajectory for talent growth and will steer resources toward parts of the business that can scale with additional headcount. Rather than broad-based hiring, the bank plans to redeploy efficiency gains into higher-priority growth areas, most notably wealth management.

The move arrives against a backdrop of robust merger and capital-markets activity, which Solomon said, together with a constructive regulatory and public-policy environment, could create pockets of demand that justify targeted hiring. That means team leaders in deal-driven units may still add headcount where revenue opportunities and dealflow justify it, while other groups should expect a more disciplined approach to new roles.

For employees, the message is clear: recruiting and internal mobility will be more selective. Early-career and campus recruiting programs, as well as general lateral hiring, may tighten as the firm allocates incremental people to businesses with clear scalability. That places a premium on internal redeployment and compelling business cases for new positions. Managers will likely be tasked with demonstrating efficiency gains and direct revenue linkage before receiving headcount approvals.

The emphasis on redeploying efficiency gains also changes how performance and workforce planning are likely to be managed. Groups that deliver productivity improvements could see that sparking investment, while units not prioritized for growth may face redeployment, restructuring, or an intensified focus on automation and outsourcing. Human-resources and talent teams will need to balance retention strategies for high performers with redeployment pathways for staff in lower-priority areas.

Goldman’s wealth-management business stands out as a clear recipient of selective hiring, reflecting long-term strategic bets on scalable client-advice and assets-under-management growth. Meanwhile, capital-markets and M&A desks could see targeted additions linked to deal pipelines and regulatory developments that "support dealmaking" and require scale-up in specific roles, such as distribution, underwriting, and client coverage.

For recruiting professionals and employees planning career moves, the practical takeaway is to watch internal job boards, sharpen business cases for new roles, and be prepared to compete for limited openings in prioritized businesses. Talent leaders should also expect increased scrutiny on headcount requests and a need to quantify the link between incremental hires and revenue or capacity gains.

The firm's approach makes 2026 a year of trade-offs: selective growth where the math is clear, and tighter headcount discipline elsewhere. For workers, that means opportunities concentrated in strategic areas and a greater emphasis on redeployment and internal mobility as levers to preserve careers and capture the pockets of growth Goldman prioritizes.