Goldman Sachs Severance Package: 2026 Guide
Discretionary, not formulaic: Goldman has no SEC-filed severance plan (unlike CVS or Citi's CAP plan). NY norm: ~60 days continued 'active employment' at full base + benefits, then ~5 weeks base-pay severance + tenure-based extension. By level (employee-reported via Fortune, eFinancialCareers, SimpleSeverance): Analyst/Associate 4-8 weeks, VP 3-6 months, Director/MD 6-12+ months, Partner discretionary (typically 12+ months with deferred-comp negotiation). Bonuses EXCLUDED by default.. Calculate your estimated Goldman Sachs severance below.
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What Goldman Sachs Typically Offers
Known Severance Benefits
- ✓~60 days continued 'active employment' at full base + benefits before severance window starts (NY standard)
- ✓Then ~5 weeks of base-pay severance + tenure-based extension (NY norm 2-3 months total per eFinancialCareers)
- ✓Outplacement services included by default
- ✓Healthcare continues during the 60-day active period; COBRA at employee cost after
- ✓BONUSES NOT INCLUDED by default, the #1 grievance reported in Jan 2023 (Fortune, Jan 18 2023)
- ✓PTO carryover was eliminated spring 2022; vacation balance lost on layoff date (employees should use PTO before any expected separation date)
- ✓Deferred equity (RSU/PSU): Associates/VPs 20-30% deferred, MDs 30-50%, Partners often 50%+. Unvested = forfeited unless individually negotiated. Forfeiture provisions tie to non-compete adherence
- ✓Deferred Cash: non-qualified deferred compensation for eligible MDs allows multi-year deferral; layoff treatment is discretionary
Goldman Sachs severance depends on role, timing, and agreement terms
For example, a Goldman Sachs employee earning $200,000 with 5 years of service has an illustrative estimate of $57,692. Bonus treatment, equity, release language, and other separation terms can change the wider picture.
These figures are estimates, a starting point, not a final figure. Your actual package may be higher or lower, and negotiation can move an offer in either direction, including not at all.
Check My Goldman SachsSituation →Goldman Sachs Recent Layoff History
| Date | Employees | Details |
|---|---|---|
| January 2026 | 400 | Project Voyage AI-driven restructuring began Jan 11 2026. Initial ~400 near-term; estimated 1,000-3,000+ over the year. Impacted: investment banking, global markets, VP-level ops/admin/IT. Strategy includes Bengaluru offshoring + Dallas/SLC relocation (ProspectRock Partners, PYMNTS). |
| March 2025 | 1,395 | Annual Strategic Resource Assessment (SRA) cut 3-5% of staff (~1,395-2,325 jobs) of ~46,500 headcount. Solomon cited 'too many VPs'; VPs with poor reviews / small bonuses primary target. Cuts came despite record $4.11B Q4 2024 profit (Outlook Business, TheStreet). |
| March 2025 | 343 | NY WARN filed Mar 24 2025 for 343 NYC HQ positions effective Jun 22 2025. Filed under Project Voyage relocation / rolling-cut framework (NY DOL WARN Dashboard, WARN Tracker). |
| March 2025 | N/A | Solomon's blunt ultimatum to managers: 'Move to Dallas / Salt Lake City, or leave.' Headcount target not disclosed (Bloomberg, Fortune Mar 7 2025). |
| Q4 2024 | 1,500 | Annual SRA targeting 3-4% of global workforce (1,300-1,800 employees); spokesperson called it 'normal, standard, customary.' End-of-2024 headcount ~46,500 (Bloomberg, Business Standard, HR Grapevine, PYMNTS). |
| Q4 2024 | N/A | Project Voyage launched as a 3-year program to cut $1.3B in operating costs by 2027. Three levers: relocation to Dallas/SLC, rolling performance-based layoffs replacing the annual SRA, AI + Bengaluru offshoring (Bloomberg, Fortune, Entrepreneur). |
| October 2023 | 450 | Annual performance-cull (~1% of workforce). Concurrent with reorganization folding consumer banking (Marcus) into asset/wealth management and accelerating GreenSky divestiture to Sixth Street (Banking Dive). |
| May-June 2023 | 250 | Third round in under a year, including ~125 managing directors globally (the first MD-targeted cut in the cycle). Tied to deal-making slump (CNBC, Fortune, eFinancialCareers). |
| January 2023 | 3,200 | Largest cut since 2008 (~6-6.5% of workforce). Concentrated in investment banking, global markets, and Marcus consumer-banking division as Goldman retreated from retail. NY WARN filed Jan 9 + Apr 4 2023 totaling ~2,921 NY positions through Sep 30 2023 (NPR, CNN, Reuters, Washington Post, NY DOL WARN). |
Sources: Reuters, Bloomberg, Financial Times, Wall Street Journal, CNBC, Fortune, NPR, eFinancialCareers, NY DOL WARN Dashboard, WARN Tracker, Sanford Heisler Sharp (Chen-Oster $215M settlement + ongoing layoff investigation), SEC EDGAR (CIK 0000886982)
Goldman Sachs Severance Tax (New York)
Goldman Sachs is headquartered in New York. Here's how severance is taxed there:
Example: A Goldman Sachs employee with 5 years of service earning $200,000 would receive approximately $57,692 gross ( $38,250 after tax in New York).
How Goldman Sachs Compares to Finance & Banking Average
Other Finance & Banking Companies
| Company | Formula | Rating |
|---|---|---|
| Coinbase | 14 weeks minimum | Standard |
| JPMorgan Chase | 2 weeks base + 2 weeks per year of service, minimum 4 weeks, capped at the lesser of 52 weeks or $400,000 (per the JPMorgan Chase U.S. Severance Pay Plan summary plan description and consistent employee reports; not company-confirmed for every grade) | Standard |
| Morgan Stanley | 2 weeks per year (similar to JPMorgan structure) | Standard |
| Bank of America | Employee-reported (SimpleSeverance, HelpFromHR, TheLayoff forum, Glassdoor): 2 weeks per year of service, minimum 4 weeks, capped at 52 weeks (1 year). Long-tenured (20+ years) reportedly receive 3 weeks per year capped at 78 weeks. BofA does NOT publish a public SEC-filed severance plan exhibit (unlike CVS). Treat these figures as employee-reported consensus, not company-confirmed. | Standard |
| Citigroup | 2 weeks of base pay per full 12 months of service, capped at 52 weeks (1 year). The 10+ year tenure supplement was eliminated in December 2008; even 30-year veterans cap at 52 weeks. | Standard |
| Wells Fargo | Salary Continuation Pay Plan (employee-reported via fired.fyi + TheLayoff forum): 8 weeks minimum (under 3 years tenure), then 2 weeks per year of service, capped at 52 weeks. Includes a 60-day paid garden-leave period during which the employee is on payroll with active benefits and 401(k) match continues. Lump-sum or installments at employee election. | Standard |
| PayPal | 2 months base + additional weeks per year | Standard |
| Visa | Generous packages relative to fintech peers | Generous |
Negotiating Your Goldman Sachs Severance
Strategies specific to Goldman Sachs employees:
- ✓Garden leave duration is THE lever for VP+ (Fortune, SimpleSeverance): 30-90 days standard, 3-12 months negotiable for senior staff. Garden leave = full pay + active benefits + active equity vesting, the biggest single dollar lever in the package
- ✓Unvested PSU/RSU continued vesting: Goldman's Compensation Committee has discretion. Uncommon but achievable for MDs/Partners with 2-4 years of unvested equity stacked from prior bonus cycles
- ✓Non-compete / non-solicit narrowing: Goldman aggressively marks ex-broker Form U5s with 'garden leave violations'. Negotiate scope reduction in writing before signing
- ✓Bonus inclusion ask: the #1 unresolved grievance from Jan 2023. Push for prorated bonus, especially if laid off post-Q3 when accrual is substantial
- ✓Voyage-specific 2025-2026 lever: if Goldman's ultimatum is 'move to Dallas/SLC or leave,' refusal-induced exits should be treated as INVOLUNTARY terminations with full severance, not voluntary resignation. Get this classification in writing
- ✓Chen-Oster $215M settlement leverage (2023): Goldman settled the gender-discrimination class for $215M covering 2,800 women. Sanford Heisler Sharp continues to investigate layoffs for disparate impact. Protected-class layoffs carry elevated EEOC/legal-claim threat value
Reviewing a Goldman Sachs agreement?
Use your estimate as a starting point, not a final answer. Releases of claims, stock equity, short deadlines, and layoffs involving protected rights all need closer review.
Add your details
Put the Goldman Sachs context against your own details.
Published company examples are useful context, but role, tenure, offer terms, and location can change the picture. In about 6 minutes, get a Severance Score, an estimated benchmark range, potential red flags, and three negotiation angles to consider.
SeveranceCalc is not a law firm and does not provide legal advice. Our calculators and reports are educational estimates only. Only a licensed employment attorney in your state can advise you on your specific legal rights.
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Goldman Sachs Severance FAQ
How much severance does Goldman Sachs pay?▼
Goldman Sachs typically offers Discretionary, not formulaic: Goldman has no SEC-filed severance plan (unlike CVS or Citi's CAP plan). NY norm: ~60 days continued 'active employment' at full base + benefits, then ~5 weeks base-pay severance + tenure-based extension. By level (employee-reported via Fortune, eFinancialCareers, SimpleSeverance): Analyst/Associate 4-8 weeks, VP 3-6 months, Director/MD 6-12+ months, Partner discretionary (typically 12+ months with deferred-comp negotiation). Bonuses EXCLUDED by default.. Their severance reputation is rated as “Generous” compared to finance & banking industry peers. In recent layoffs (January 2026), project voyage ai-driven restructuring began jan 11 2026. initial ~400 near-term; estimated 1,000-3,000+ over the year. impacted: investment banking, global markets, vp-level ops/admin/it. strategy includes bengaluru offshoring + dallas/slc relocation (prospectrock partners, pymnts)..
Can I negotiate my Goldman Sachs severance?▼
Yes. Many severance packages at Goldman Sachs are negotiable, but the amount of movement depends on role, tenure, timing, company policy, and any legal issues. Review cash, bonus treatment, equity, COBRA, restrictive covenants, and release language before signing.
How is Goldman Sachs severance taxed?▼
Goldman Sachs severance is taxed as supplemental wages at 22% federal flat rate plus 11.7% New York state tax, for a total of approximately 33.7%. If you work remotely, your state of residence tax rate applies instead.
Related Finance & Banking Companies
What to Do If You're Laid Off from Goldman Sachs
- Signing on the spot is rarely required. Review periods commonly run 21-45 days. Where the OWBPA applies (workers 40+, employers with 20 or more employees, and a release waiving age claims), 21 days is the minimum, or 45 for a group layoff. Use our free agreement analyzer to identify red flags and problematic clauses in your Goldman Sachs separation agreement.
- Calculate whether your offer is fair. Goldman Sachs typically offers Discretionary, not formulaic: Goldman has no SEC-filed severance plan (unlike CVS or Citi's CAP plan). NY norm: ~60 days continued 'active employment' at full base + benefits, then ~5 weeks base-pay severance + tenure-based extension. By level (employee-reported via Fortune, eFinancialCareers, SimpleSeverance): Analyst/Associate 4-8 weeks, VP 3-6 months, Director/MD 6-12+ months, Partner discretionary (typically 12+ months with deferred-comp negotiation). Bonuses EXCLUDED by default.. Use our severance calculator to see how your offer compares to finance & banking industry norms and check the benchmark data to see what other Goldman Sachs employees have received.
- Understand your negotiating leverage. While Goldman Sachs already offers above-average packages, there is often room to negotiate on specific items like equity acceleration, COBRA coverage, and restrictive covenants. Try our AI negotiation coach for personalized strategies.
- File for unemployment in New York. Apply as soon as possible, even if you received severance. In New York, severance may or may not delay your unemployment benefits depending on how it is structured.
- Consult an employment lawyer. An attorney experienced with finance & banking severance packages can review your Goldman Sachs agreement, identify additional leverage (potential discrimination, WARN Act violations, or breach of contract claims), and negotiate better terms. Consider consulting a licensed employment attorney in New York.
Reviewing Your Goldman Sachs Severance Agreement
Before signing your Goldman Sachs separation agreement, check these critical areas:
Release of Claims
Understand exactly which legal claims you're waiving against Goldman Sachs. This is the most consequential clause.
Non-Compete Clause
Check if your agreement restricts where you can work. Negotiate to narrow the scope and duration.
Equity & RSUs
Review how your unvested Goldman Sachs stock is treated. Negotiate for accelerated vesting or cash equivalent.
COBRA & Benefits
Ensure health coverage continuation is included. Ask for employer-paid COBRA for at least 3-6 months.
Non-Disparagement
This should be mutual; Goldman Sachs should also agree not to disparage you. One-sided clauses are a red flag.
Signing Deadline
Know your timeline. Workers 40+ get at least 21 days (45 for group layoffs) plus 7 days to revoke after signing.
Helpful Resources
Free Tools
- AI Severance Agreement Analyzer: Spot red flags in your agreement
- Negotiation Coach: AI-powered negotiation guidance
- Package Comparator: Compare offers side by side
- Severance Benchmark Data: See what others received
- New York WARN Act Tracker: Recent layoff filings
- Severance Tax Calculator: Detailed tax breakdown
- Average Severance Package Data: Industry benchmarks
- Consider a licensed New York employment attorney
Guides & Articles
- How to Negotiate Your Severance Package
- Is Severance Pay Taxable? Complete Guide
- WARN Act: Your Mass Layoff Rights
- Severance negotiation: consider a licensed employment attorney
- Severance Pay in New York: State laws, taxes & calculator
📋 Free Severance Negotiation Checklist
A practical checklist covering review questions, negotiation prep, and deadline reminders.