Mass Layoffs Continue: Goldman Sachs Chief Executive Officer (CEO) David Solomon wrote a year-ender letter to all employees, announcing that the company would resort to a fresh round of layoffs in January.
Goldman Sachs layoffs are reportedly about to hit several employees in January as the world economy grapples with an economic downturn. With these layoffs, the investment bank and financial services company is next in-line, after Morgan Stanley announced its layoffs.
According to a report in Business Today, the Goldman Sachs Chief Executive Officer (CEO) David Solomon wrote a year-ender letter to all employees, announcing that the company would resort to a fresh round of layoffs in January. It must be noted that in December 2022 as well, it was reported that the layoffs at Goldman Sachs would affect hundreds of employees.
The report adds that in the letter, CEO Solomon wrote, “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.” In addition to this, the CEO also highlighted that the tightening monetary conditions and overall slowdown in economic activity are the primary reasons for layoffs at Goldman Sachs.
“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,” Goldman Sachs CEO added in the letter as per the report in Business Today.
Mass layoffs that made headlines around the second half of 2022 adversely impacted not just the tech companies but also Wall Street. From Morgan Stanley and Goldman Sachs to Facebook parent Meta, Twitter and so on, many companies resorted to layoffs in order to manage their costs. Now with the latest updates from Goldman Sachs, even 2023 has started on a tough note of layoffs for many workers.