Goldman Sachs CEO David Solomon warns mass layoffs are just weeks away
Goldman Sachs bankers should enjoy popping the Champagne on New Year’s Eve — because the party will be over for many of them in 2023.
“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 said in a voice memo Wednesday. “There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,” Solomon said. “We need to proceed with caution and manage our resources wisely.”Some bankers say they will consider resigning if they’re unhappy with their bonus.Earlier this month Semafor reported the investment banking giant will lay off 4,000 “low performing” staff — roughly 8% of its workforce.
The year-end memo comes as profits at major banks slump and the top brass at those firms look to downsize their workforce amid a slowing economy. In September, Goldman chopped roughly 1% to 5% of underperforms.
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