Short answer
Goldman Sachs had 47,500 employees on September 30, 2026, according to its third-quarter 2026 earnings release, filed with the SEC on Form 8-K on October 13, 2026. That's 3% more than at the end of June, reflecting the timing of campus hires, and 2% fewer than a year earlier. Its 10-K reported headcount of 47,400 at the end of 2025. The count excludes consultants and temporary staff.
- Latest figure: 47,500 employees on September 30, 2026, from the Q3 2026 earnings release, down from 48,300 a year earlier.
- Year-end headcount peaked at 48,500 in 2022; a reduction initiative cut it 7%, to 45,300, in 2023.
- Half of Goldman's people are in the Americas, 20% in Europe, the Middle East and Africa, and 30% in Asia.
- In 2025 Goldman recorded about $250 million of severance for headcount reductions and launched OneGS 3.0, a multi-year operating model overhaul.
- Net revenues per employee were about $1.23 million in 2025 (our calculation).
On this page
This page is for sellers sizing Goldman Sachs as an account, recruiters, analysts and anyone who needs a headcount they can cite. Every figure comes from The Goldman Sachs Group, Inc.'s filings with the SEC: the annual report on Form 10-K, the quarterly reports on Form 10-Q and the quarterly earnings release, which Goldman files as an exhibit to a Form 8-K. All three report "headcount" at period end. The fiscal year is the calendar year.
Goldman Sachs employees by quarter (latest)
| As of | Headcount | Change | Source |
|---|---|---|---|
| September 30, 2026 | 47,500 | up 3% on the quarter, down 2% on the year | Earnings release, 8-K filed October 13, 2026 |
| June 30, 2026 | 46,200 | down 2% on the quarter | 10-Q filed August 3, 2026 |
| March 31, 2026 | 47,000 | 10-Q filed May 1, 2026 | |
| December 31, 2025 | 47,400 | up 2% on the year | 10-K filed February 25, 2026 |
| September 30, 2025 | 48,300 | Earnings release, 8-K filed October 13, 2026 |
The percentage changes are as reported. The third-quarter rise is seasonal: the release says headcount "increased 3% compared with the end of the second quarter of 2026, reflecting the timing of campus hires." Goldman's 10-Q for the third quarter follows within a few weeks of the release.
Goldman Sachs employees by year
| Year | As of | Headcount | Americas | EMEA | Asia | Change (as reported) | Source |
|---|---|---|---|---|---|---|---|
| 2025 | December 31, 2025 | 47,400 | 50% | 20% | 30% | up 2% | 10-K filed February 25, 2026 |
| 2024 | December 31, 2024 | 46,500 | 50% | 20% | 30% | up 3% | 10-K filed February 27, 2025 |
| 2023 | December 31, 2023 | 45,300 | 51% | 20% | 29% | down 7% | 10-K filed February 23, 2024 |
| 2022 | December 31, 2022 | 48,500 | 52% | 19% | 29% | up 10% | 10-K filed February 24, 2023 |
| 2021 | December 31, 2021 | 43,900 | 52% | 18% | 30% | up 8% | 10-K filed February 25, 2022 |
| 2020 | December 31, 2020 | 40,500 | 53% | 19% | 28% | up 6% | 10-K filed February 22, 2021 |
| 2019 | December 31, 2019 | 38,300 | up 5% | 10-K filed February 21, 2020 | |||
| 2018 | December 31, 2018 | 36,600 | 10-K filed February 26, 2019 |
The regional shares are from the same 10-K; filings before 2020 gave only the share outside the Americas (46% in 2018 and 2019). Applying the 2025 shares, about 23,700 people work in the Americas, 9,500 in EMEA and 14,200 in Asia (our arithmetic on rounded percentages). Goldman doesn't publish a US-only figure.
What the number includes
- Employees only. Since 2018 Goldman has defined headcount as "our employees," excluding "consultants and temporary staff previously reported as part of total staff." Their cost appears under professional fees, not compensation.
- Period-end, every quarter. The 10-Q and earnings release each give "Headcount at period-end," so the number moves with graduate intakes in the third quarter and departures through the year.
- All three segments and every office. One figure covers Global Banking & Markets, Asset & Wealth Management and Platform Solutions, across offices in over 35 countries. The 10-K names strategic locations in Bengaluru, Salt Lake City, Dallas, Singapore, Warsaw, Birmingham and Hyderabad, but doesn't give their headcounts.
What changed and why
- 2018 to 2022: 12,000 more people. The 10-Ks credit technology hiring, new business initiatives and acquisitions. The 2019 rise included United Capital; the 2022 rise of 10% "primarily" reflected "investments in growth initiatives and the acquisitions of NNIP and GreenSky."
- 2023: down 7%. Year-end headcount fell to 45,300, "primarily reflecting a headcount reduction initiative during the year." The 10-K doesn't give a number of roles.
- 2024: up 3%, "primarily due to increases in Asset & Wealth Management, Risk and Compliance, partially offset by the impact of the sale of GreenSky."
- 2025: up 2%, with cuts inside it. Goldman "recognized severance expense of approximately $250 million, which was largely in connection with headcount reduction initiatives during the year," and in the fourth quarter announced "OneGS 3.0," a multi-year initiative "to transform our operating model" that it expects to "drive expense efficiencies."
- 2026: down, then the campus class. By June 2026 headcount was 3% below December 2025; the September intake took it back to 47,500.
Revenue per employee
Goldman's net revenues for 2025 were $58,283 million. Divided by year-end headcount, that's $58,283 million ÷ 47,400 = about $1.23 million per employee (our calculation).
| Period | Net revenues | Headcount at period end | Net revenues per employee (our calculation) |
|---|---|---|---|
| 12 months to September 30, 2026 | $69.7 billion | 47,500 | about $1.47 million |
| 2025 | $58.3 billion | 47,400 | about $1.23 million |
| 2024 | $53.5 billion | 46,500 | about $1.15 million |
| 2023 | $46.3 billion | 45,300 | about $1.02 million |
| 2022 | $47.4 billion | 48,500 | about $977,000 |
The trailing figure adds net revenues of $56,244 million for the first nine months of 2026 to $13,454 million for the fourth quarter of 2025 (full-year $58,283 million less $44,829 million for the first nine months). Compensation and benefits were $18,906 million in 2025, about $403,000 per head on the average of the two year-end counts (our rough calculation; it includes year-end bonuses and amortization of past equity awards, so it isn't average pay).
By segment, Global Banking & Markets produced $41.5 billion of 2025 net revenues, Asset & Wealth Management $16.7 billion and Platform Solutions $151 million. The Americas produced 63% of net revenues with about half the headcount. Goldman doesn't split headcount by segment.
Selling to a firm of Goldman's size
General guidance on how a global bank of 47,000 people buys, not a description of Goldman's internal processes.
- Know which business you serve. Global Banking & Markets and Asset & Wealth Management buy differently; a trading tool and a wealth-client tool have different owners.
- Expect risk and compliance in every deal. Vendor risk management, information security and regulatory review sit between a business sponsor and a contract at any large bank. Build the time into your forecast.
- Speak to the operating model. OneGS 3.0 is aimed at expense efficiency. Products that automate work or consolidate tools match the stated direction; products that add cost and headcount don't.
- Time outreach to the calendar. Budgets and staffing reset around year-end, and the September intake changes team sizes.
For a routine on an account this large, see enterprise account research and how to find decision makers. For a bank with a larger retail business, compare Bank of America's headcount or Citigroup's.
Next step: see how the wider banking market breaks down on our list of banks.
Sources
- Goldman Sachs Reports Third Quarter 2026 Earnings Results (Exhibit 99.1 to Form 8-K), The Goldman Sachs Group, Inc., via SEC EDGAR, 13 October 2026
- The Goldman Sachs Group, Inc. Form 10-Q for the quarter ended June 30, 2026, The Goldman Sachs Group, Inc., via SEC EDGAR, 3 August 2026
- The Goldman Sachs Group, Inc. Form 10-Q for the quarter ended March 31, 2026, The Goldman Sachs Group, Inc., via SEC EDGAR, 1 May 2026
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2025, The Goldman Sachs Group, Inc., via SEC EDGAR, 25 February 2026
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2024, The Goldman Sachs Group, Inc., via SEC EDGAR, 27 February 2025
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2023, The Goldman Sachs Group, Inc., via SEC EDGAR, 23 February 2024
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2022, The Goldman Sachs Group, Inc., via SEC EDGAR, 24 February 2023
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2021, The Goldman Sachs Group, Inc., via SEC EDGAR, 25 February 2022
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2020, The Goldman Sachs Group, Inc., via SEC EDGAR, 22 February 2021
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2019, The Goldman Sachs Group, Inc., via SEC EDGAR, 21 February 2020
- The Goldman Sachs Group, Inc. Form 10-K for the fiscal year ended December 31, 2018, The Goldman Sachs Group, Inc., via SEC EDGAR, 26 February 2019
Written by the Bebop team at Blackpearl Group. Published .
Questions people ask
How many employees does Goldman Sachs have in 2026?
47,500 on September 30, 2026, according to Goldman's third-quarter earnings release, filed on Form 8-K on October 13, 2026. That's up 3% from 46,200 at the end of June, because of campus hires, and down 2% from 48,300 a year earlier. At the end of 2025 the 10-K reported 47,400.
How many people work at Goldman Sachs in the US?
Goldman doesn't publish a US-only count. Its 2025 10-K says 50% of its 47,400 employees were based in the Americas, which is about 23,700 people by our arithmetic, but that region includes Canada and Latin America. The other half were in Europe, the Middle East and Africa (20%) and Asia (30%), including large offices in Bengaluru and Hyderabad.
Did Goldman Sachs have layoffs?
Goldman's filings describe headcount reduction initiatives in 2023, when year-end headcount fell 7% to 45,300, and in 2025, when it recorded about $250 million of severance expense. They don't give a number of roles cut in either year. In late 2025 Goldman also announced OneGS 3.0, a multi-year initiative to change its operating model and drive expense efficiencies.
Does Goldman Sachs's headcount include contractors?
No. Since 2018 Goldman has defined headcount as its employees, excluding consultants and temporary staff, whose costs are reported in professional fees. Third-party sites built from online profiles often show far higher figures for Goldman Sachs; they measure profiles, not the firm's employment, so they aren't comparable with the filed number.
How much revenue does Goldman Sachs make per employee?
About $1.23 million in 2025, by our calculation: net revenues of $58,283 million divided by year-end headcount of 47,400. Over the 12 months to September 30, 2026, net revenues of about $69.7 billion and headcount of 47,500 give about $1.47 million. The ratio swings with markets: it was about $977,000 in 2022.