Goldman Sachs is preparing for a cull of its workforce in the coming weeks, chief executive David Solomon said in a message to staff, as the bank looks to reverse a recent expansion drive and scale back its ambitions in consumer finance.
“While discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January,” Solomon said in a year-end voicemail message sent to many of the group’s 49,000 employees.
“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,” he added. “For our leadership team, the focus is on preparing the firm to weather these headwinds.”
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