Goldman Sachs To Sack 4000 Employees In 2023

Semafor, an international media firm has disclosed that Goldman Sachs, a multinational investment bank, is planning to lay off as many as 4,000 employees as it struggles to meet profitability targets.

Quoting sources familiar with the matter, Semafor reported that managers across the firm have been asked to identify low performers for what could be a cut of up to 8 percent of its workforce early next year.

However, some of the people who spoke to Semafor cautioned that no final list has been drawn up.

According to the report, David Solomon, the firm’s chief executive officer, is falling short of a profitability goal he set in February.

It said the firm has lost billions of dollars building a tech-forward Main Street bank called Marcus, that isn’t yet profitable.

The report added that Goldman’s workforce has swelled by a third since David Solomon took over as chief executive officer in 2018 to more than 49,000, largely due to a hiring spree in engineering and Marcus.

The company also accumulated more staff through GreenSky, a specialty lender, which had about 1,000 employees when Goldman bought it earlier in 2022.