Goldman Sachs considers 4,000 job cuts

The layoffs, which would begin in early 2023, target around 8% of the workforce.

Goldman Sachs, one of the world's largest investment banking and security groups, plans to layoff up to 4,000 workers. According to the company's CEO, David Solomon, the cuts are due to a profitability crisis which is driving the cost reduction plan.

Faced with performance problems at the bank, top management has reportedly requested a list of employees ranked based on their performance, according to Semafor. The layoffs currently being considered could take place in January 2023 and would reduce the workforce by around 8%.

Last October, Solomon began referencing the difficulties and economic challenges that lie ahead in 2023. He even suggested that the United States could fall into a recession.

"I think it's a time to be cautious. I think you have to wait for more volatility on the horizon," the banker said. He added, "There's a good chance we could have a recession in the United States."

Goldman Sachs has a total of 49,000 employees at its headquartered in New York. One source told the New York Post that there is a tense atmosphere at the bank's offices these days, and employees are fearful of the possibility of being laid off.