The financial services company Goldman Sachs prepares a new wave of layoffs that will take effect no later than in the first half of Januaryconfirmed its CEO, David Solomon.
“We are conducting a careful review and, although discussions are still ongoing, we anticipate that our reduction in staff will take place in the first half of January,” the Goldman Sachs CEO said in an internal statement.
According to the document to which Bloomberg had access, Goldman Sachs would be preparing for what it considers will be a complicated 2023, due to the “tightening” of monetary policies in United States.
The decision of the also investment banking company would have been announced to the employees through an internal memorandum, in which the CEO announced a new round of layoffs that will take place in 2023.
“We need to proceed with caution and manage our resources wisely,” Solomon wrote in the memo.
In that document, Solomon would have detailed that the economic slowdown and the actions that the Federal Reserve carries out to cool the economy, force Goldman Sachs to prepare for a scenario that will be challenging in 2023.
“There are a variety of factors affecting the business outlook, including the tightening of monetary conditions that are slowing down economic activity. For our leadership team, the focus is on preparing the company to weather these headwinds,” Solomon added.
In recent weeks several companies, many in the technology sector, have announced job cuts, one of the most recent being PepsiCo, which announced the cut of “hundreds” of corporate employees.
Although the document that the CEO of Goldman Sachs sent does not detail the number of employees who will be laid off as soon as 2023 begins, sources close to the subject confirmed to Bloomberg that is estimated will affect at least 4,000 employees.
If that number comes to fruition, Goldman Sachs would be eliminating around 8% of its workforce current, with the aim of containing the loss of earnings that it had in 2022.
According to the sources consulted, it will be the managers of the different areas of the company, who will have the responsibility of analyzing and identifying where it is possible to reduce costs, it was detailed in a report from The Hill.
Goldman Sachs’ internal announcement adds a new company in the United States announcing job cuts due to the deteriorating economy.
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Source: La Opinion
