Goldman Sachs is preparing for more job cuts in the near future, according to CEO David Solomon.
“We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January,” Solomon explained in a year-end note to employees, Bloomberg reported Wednesday.
“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity. For our leadership team, the focus is on preparing the firm to weather these headwinds,” he added.
A view of the Goldman Sachs desk at the New York Stock Exchange in New York. (Justin Lane/EPA-EFE)
In May, Goldman Sachs said President Joe Biden (D) should cut approximately $100 billion from citizens’ pay by importing millions more foreign workers, Breitbart News reported:
The longed-for cut of 1.25 percent in Americans’ wages would take $137 billion from voters’ pocketbooks, each year, in perpetuity, according to data provided by another Wall Street firm, Moody’s Analytics.
Moreover, Goldman’s focus is on stock values. Those stock values are based on Wall Street’s predictions of future profits over the next 20 years. So Goldman’s one-year migration surge and one-year wage cut of $100 billion could boost stock values by about $2 trillion.
President Joe Biden speaks in the South Court Auditorium on the White House complex in Washington, December 8, 2022. (AP Photo/Susan Walsh)
According to the Bloomberg article, it was possible the investment firm would try to cut nearly eight percent of its workforce “to contain a slump in profit and revenue.” However, a final number regarding the job cuts has not been determined.
In September 2021, economists at Goldman Sachs said the economy faced a “harder path” than was previously believed, Breitbart News reported at the time, noting the firm expected the economy to grow 5.7 percent.
“Back in August, Goldman lowered its growth estimate from 6.4 percent to 6 percent. That followed a downgrade from 6.6 percent in July. Back in February, Goldman had growth at 6.9 percent,” the report continued.
Meanwhile, a December Rasmussen Reports poll found most Americans are still concerned about the economy under Biden’s leadership, even though he has claimed to be “building the economy of the future.”
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