oldman Sachs CEO David Solomon has warned employees to brace for significant layoffs in the coming weeks, as the investment banking giant battens down the hatches for an economic downturn.
‘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 his traditional year-end message to staff, according to Bloomberg.
‘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,’ he added.
It follows reports earlier this month that Goldman Sachs plans to lay off 4,000 ‘low performing’ staffers, or about 8 percent of its workforce, to cut costs amid slumping revenue and profits.
Solomon warned in his message: ‘We need to proceed with caution and manage our resources wisely.’
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