Goldman Sachs plans to cut up to 8% of its staff in January

David Solomon, CEO of Goldman Sachs Group Inc. , during Bloomberg Television at the Goldman Sachs financial services conference in New York, US, on Tuesday, December 6, 2022.

Michael Nagel | bloomberg | Getty Images

Goldman SachsThe multi-storey investment bank plans to lay off up to 8% of its staff as it prepares for a tougher environment next year, according to a person familiar with the situation.

The layoffs will affect every department of the bank and are likely to occur in January, according to the person who declined to be identified speaking about personnel decisions.

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This is ahead of the upcoming Goldman shareholder conference where management is expected to present performance targets. The New York-based investment bank usually pays bonuses in January, and possible layoffs could be a way to preserve bonus dollars for remaining employees.

The bank’s planning is ongoing, the person added, and the round could be less than 8% when finished. But that means up to 4,000 employees could be affected, as you mentioned semaphore earlier on Friday.

Those who are considered to be underperforming or who work in a consumer business that is Confirmation is now canceled by the bank They are most at risk of termination.

Goldman was previously hiring: The company had 49,100 workers as of Sept. 30, up 14% from a year earlier.

Goldman CEO David Solomon He indicated he was looking to rein in expenses at a conference of financial firms last week.

“We continue to see headwinds on our expense lines, especially in the near term,” Solomon said. “We have embarked on certain plans to mitigate expenses, but it will take some time to realize the benefits. Ultimately, we will remain nimble and sizing the company to reflect the range of opportunities.”

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