Bankers at Goldman Sachs are bracing themselves for a “bloodbath” set to begin this Wednesday, according to a report by the New York Post.
In fact, the day of impending layoffs is being called “David’s Demolition Day” after CEO David Solomon, who has hired more than 10,000 employees since taking the reins at the company in 2018.
The move comes despite a 22 percent jump in trading revenues for 2022; but banking fees were down more than 50 percent, according to Bloomberg.
“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,” Solomon said in a voice memo sent to employees at the end of December. “We need to proceed with caution and manage our resources wisely.”
Goldman Sachs employed more than 49,000 people worldwide as of September 30, according to filings quoted by the news outlet.