Goldman to cut up to 4,000 jobs in mid-January

Goldman Sachs Group has anticipated a reduction of its staff in mid-January while review and discussions are still going on. Chief executive officer David Solomon made the statement in his traditional year-end message to staff. The firm may seek to eliminate as much as 8% of its workforce, or up to 4,000 jobs, to contain a slump in profit and revenue although the final number could come in lower. Solomon said they need to proceed with caution and manage resources wisely. The bank’s workforce has ballooned 34% since the end of 2018 to more than 49,000 as of this year’s third quarter. The proposed cuts would mark a sharper pullback than plans disclosed by any of Goldman’s rivals as management struggles to achieve profitability targets.