Goldman Sachs CEO David Solomon will hit 3% to 5% of the workforce as part of the Wall Street Giants' annual round layoffs.
The layoffs amount to more than 1,395 job cuts from the bank's global workforce of 46,500 at the end of December. When we conducted a similar review in September, it made less cuts.
The insider told the Post that the overall bank staff will remain the same as the new recruits are expected to board later this year.
“Like other banks, this is part of the usual annual talent management process. A Goldman spokesman said:
Those looking to get their boots were either inadequate in annual reviews last year or were given a lower forecast bonus than this year. Wall Street Journalfirst reported the cut
Several Goldmanns previously told the Post they believed their compensation was compensated to boost the bank's revenues.
Solomon, which received a 26% wage hike last year with a $39 million salary, is about to refocus Goldman's business on traditional investment banking and asset management activities after a mixed foray into consumer banking.
He also needs to carefully navigate the company's move towards a rollback to so-called diversity, equity and inclusion policies amid the threat of lawsuits from the Trump administration's Justice Department, as reported by The Post.
Last week, Goldman joined the bank's board of directors by tapping Solomon's longtime best friend, Chief Operating Officer John Waldron.
The move to promote the 55-year-old Moneyman was seen on Wall Street as part of Solomon's succession plan.
Although Waldron's 2024 compensation has not been disclosed yet, both men were handed a $80 million “Golden Hand Cuff” bonus, which will be fully granted in 2030.
The revelation came in January after Goldman announced in 2024 that its profits had skyrocketed to $14 billion compared to the previous year's $8.5 billion.
During that revenue call, Solomon, who took over from Lloyd Blankfein in 2018, suggested the possibility of reductions, saying “there is an important opportunity to promote further efficiency.”
While the bank was supported by a successful fourth quarter in terms of transaction production, the Wall Street veteran warned that uncertainty remains about Trump's immigration, trade and tax policies.
At an event held in Sydney, Australia on Tuesday, Solomon said commander tariffs in Canada, China and Mexico were designed “to actively level the arena.”
The 63-year-old hosted a year-long surge in bank stock prices, peaking at 672.19 on February 18th, up from $392.25 per share last year.
Goldman Stock closed on Tuesday at 581.14.
