By: Economic & Finance Report

Goldman Sachs (GS) will be laying off approximately 4,000 employees. CEO David Solomon indicated this as much, in the end of the 2022-year letter to employees. The letter sent to employees indicated that the business landscape has changed significantly, and production has also dropped from the previous years at Goldman.

He stated that employees who did not produce well in performance structure; would be the first to be laid off in January 2023. GS laid off early in September 2023, some 500 employees and this next round of layoffs, are being precipitated by the economic climate around the world. The finance sector, along with other sectors; are facing tremendous disappointing revenues from various companies. The layoffs were expected by many analysts. The question was when? Now, we know what is sure to occur. -SB

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