Goldman prepares for layoffs

While the top executive at Goldman Sachs is sending a layoff message to employees, Bloomberg has learned from sources familiar with the matter that laying off 4 percent of the workforce is on the table. Goldman Sachs Group CEO David Solomon announced in his traditional year-end message to employees that they will be making a series of layoffs over the weeks. “We are conducting a careful review and consultations are ongoing. We anticipate that the reduction in staff numbers will take place in the first half of January,” Solomon said. “There are various factors affecting the business environment, including the tightening of monetary conditions, which are slowing economic activity. The focus of our management team is to prepare our bank to weather these headwinds,” Solomon added. “We must proceed with caution and manage our resources wisely.”