Goldman Sachs CEO David Solomon reportedly warned employees that job cuts will begin at the firm in the first few weeks of the year, pointing to the economic slowdown.
plans to cut as many as 4,000 jobs in the new year, a person familiar tells FOX Business.
The confirmation of job cuts follows a report by Bloomberg that CEO David Solomon warned in his end-of-the-year message to employees that the world's second-largest investment bank will be trimming its workforce in the first few weeks of the year and the layoffs could be in the thousands.Attendees watch David Solomon, CEO of Goldman Sachs & Co., on a screen as he speaks during a panel session at the Future Investment Initiative conference in Riyadh, Saudi Arabia, on Oct. 25, 2022.
"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, according to Bloomberg. "There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity," the CEO reportedly explained. "For our leadership team, the focus is on preparing the firm to weather these headwinds."
Goldman Sachs laid off 500 employees in September as the financial sector continued to take a battering due the economic downturn.
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