Goldman Sachs to lay off up to 8% of its workforce
- Goldman Sachs plans to lay off up to 8% of its employees.
- CEO David Solomon previously said the firm is seeing "headwinds on our expense lines."
Goldman Sachs is set to lay off up to 8% of its staff — and the hammer could come down as soon as January, a person familiar with the cuts told Insider.
There's still no final decision yet on the total number of people to be laid off, as discussions are ongoing, according to the person.
The layoffs at Goldman were previously reported by Semafor, which reported that some 4,000 employees could be laid off, marking more potential losses than at other banking firms. Goldman's headcount was 49,100 as of September.
The move by the investment banking giant is the latest sign of trouble on Wall Street after a historic surge of deal activity last year gave way to a downturn in 2022 amid persistent supply chain issues and inflation. Goldman Sachs has also been hit by losses to its burgeoning consumer banking division.
Goldman has struggled with criticisms of its consumer banking business, resulting in a restructuring earlier this year that signaled a major retreat of its ambitions for that unit.
This month, Goldman Sachs CEO David Solomon suggested that tough decisions could be ahead, saying at the firm's financial services conference that the firm wasn't immune to economic forces.
"We continue to see headwinds on our expense lines, particularly in the near term," Solomon said at the conference last week. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."
Goldman Sachs previously laid off a number of bankers and others across departments including its tech, health care and media teams, Insider previously reported in September.
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