Goldman Sachs plans to cut 8% of its workforce (around 4,000 employees), CNBC reported, citing people familiar with the matter.
The bank plans to make the move most likely in January, according to the same source, as part of its plan to acclimate to a challenging economic environment in 2023, during which many expect a recession.
The layoffs will affect all the bank’s divisions, the reported source said. CEO David Solomon said last week that the bank plans to cut costs.
The investment bank typically pays out bonuses in January, and it’s possible the layoffs could be a way to keep bonus money for remaining employees.
According to CNBC, this is a continuous move and it is possible that the round of layoffs in January will be smaller. The bank employed 49,100 employees as of September 30 – about 14% more than a year before.