Goldman Sachs announces layoffs amid 'tightening monetary conditions'

Goldman Sachs announces layoffs amid 'tightening monetary conditions'

Goldman Sachs Group CEO David Solomon announced in his annual end-of-year message to staff that the new year will bring job cuts for the company.

Up to 4,000 jobs, approximately eight percent of the company's workforce, are on the line, according to internal sources that spoke with Bloomberg who have requested that their identity be hidden, although it is possible that number could end up being lower.

"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 announced. "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."

"We need to proceed with caution and manage our resources wisely," Solomon added.


Goldman Economy by is licensed under Wikimedia Commons