Goldman Sachs CEO says job cuts to come within weeks

FILE – The logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange on Dec. 13, 2016. The New York-based bank said Monday, July 18, 2022, that it earned a profit of $2.77 billion, or $7.73 a share, compared to a profit of $5.35 billion, or $15.02 a share, in the same period a year earlier. Goldman was the latest of the big banks who have reported big declines in their profits compared to 2021. (AP Photo/Richard Drew, File)

David Solomon, the CEO of U.S.-based investment bank and financial services company Goldman Sachs, said in a staff memo that the firm’s latest round of job cuts is expected to come within weeks. 

In an end-of-the-year staff memo obtained by Bloomberg News, Solomon, who has been chairman of the bank since 2019, told staff that the first rounds of layoffs will happen in January, noting the layoffs are happening due to slow economic conditions.  

“We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January,” Solomon wrote in the memo. 

 “There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity. For our leadership team, the focus is on preparing the firm to weather these headwinds.”

Sources told Bloomberg News that up to 4,000 jobs, equating to 8 percent of its workforce, will be eliminated from the company to contain the loss in profit and revenue. 

Sources also told the news outlet that company managers would be asked to identify potential cost-reduction targets, noting that a final job-reduction number hasn’t been determined yet. 

“We need to proceed with caution and manage our resources wisely,” Solomon wrote in his annual end-of-year memo. 

A workforce reduction from Goldman Sachs would follow other major U.S. companies such as Amazon, Twitter, Meta, Lyft and Salesforce that have announced layoffs in the past year.

Tags David Solomon David Solomon goldman sachs Goldman Sachs Goldman Sachs Group Inc. job loss layoffs and firings

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