Goldman Sachs CEO: the company should have laid off staff earlier. It was too slow.

CTOnews.com, Feb. 13-Goldman Sachs CEO David David Solomon made a tough decision last month to cut about 3200 jobs.

According to the Financial Times, David Solomon said he should intuitively cut staff earlier. At a private meeting with about 400 Goldman partners in Miami, Solomon said he was too slow to cut jobs despite the headwinds that began in the second quarter of last year, according to people familiar with the matter. If action had been taken earlier, the final layoffs might not have been so big.

The bank's net profit fell by nearly half in 2022 compared with the previous year. It has been working to cut costs, including the largest layoffs since the 2008 financial crisis, and a review of departmental travel, meetings and supplier costs. It is reported that Goldman's asset management department will also slash alternative investments to reduce the burden on its balance sheet.

CTOnews.com learned that Solomon received an annual salary of $25 million (currently about 169 million yuan) last year. Although this is still a very large number, it is down nearly 30 per cent from the $35 million Solomon received in 2021 (currently about 238 million yuan).