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Goldman CEO Warns About Pay, Job Cuts on Uncertain Outlook (1)

Dec. 6, 2022, 3:33 PM

Goldman Sachs Group Inc. Chief Executive Officer David Solomon struck a downbeat note about the economic outlook and said smaller bonuses and even potential job cuts should come as no surprise.

“You have to assume that we have some bumpy times ahead,” Solomon said in a Bloomberg Television interview Tuesday. “You have to be a little more cautious with your financial resources, with your sizing and footprint of the organization.”

WATCH: Goldman Sachs CEO David Solomon says it’s time to be “a little more cautious with your financial resources.”
Source: Bloomberg

That can mean a heightened focus on costs and a slowdown in hiring, which the bank has already undertaken. “That might also come from pruning in certain areas,” Solomon ...