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Goldman Sachs Group Inc. recently announced that it would have to reduce its workforce next year. The company’s chief executive officer said that the unfortunate job cuts may start as soon as January 2023.
According to Bloomberg, during his year-end message to staff, Goldman Sachs’ chief, David Solomon, informed the employees that they have been holding talks about layoffs to reduce the headcount of the company’s workforce. A source who is familiar with the matter further said that the bank might remove as many as 4,000 jobs.
Solomon said that this decision was made due to the slower economy and toughening financial situations these days. This will be the investment banking company’s latest round of job cuts and, once finalized, will be implemented in a matter of weeks.
The Goldman Sachs CEO already hinted earlier this month that there will be additional terminations in the future which the company could not avoid. He made this suggestion after offering a gloomy outlook for the possible state of the economy next year. He also warned that they are facing “bumpy times” ahead.
“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,” part of Goldman Sach’s chief’s message to staff reads.
He added, “There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity and for our leadership team, the focus is on preparing the firm to weather these headwinds.”
Meanwhile, t was reported earlier that Goldman Sach is laying off employees with poor work performances, and this could affect 4,000 people, which is said to be eight percent of the company’s total workforce. But then again, some insiders opined that the actual number might be smaller than predicted.
Photo by: Akshay Sadarangani/Unsplash
