Goldman CEO David Solomon admitted that the bank is planning to cut jobs due to economic reasons—a decision that comes as other big banks are also considering similar options and the United States is seeing an increase in unemployment claims.
In his year-end message to staff, Solomon said that the firm is working on a new round of layoffs which will be announced in upcoming weeks, potentially during the first half of January, according to Bloomberg. “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,” he said.
