should have started cutting jobs earlier last year, the bank’s CEO told a meeting of partners, according to a report.
The investment banking giant (ticker: GS) began laying off up to 3,200 employees last month—its biggest job cuts since the 2008-09 financial crisis.
Speaking to partners at an event in Miami, David Solomon said he was too slow in slashing Goldman’s workforce and acknowledged the cuts would have been less drastic if he had acted sooner, the Financial Times reported.
“As the environment was growing more complicated in Q2 of last year, every bone in my body believed we should be much more aggressive in slowing hiring and reducing headcount,” he said, the report added, citing a person with knowledge of the remarks.
Goldman Sachs did not immediately respond to Barron’s request for comment early Monday.
The stock has climbed more than 8% so far this year, as of Friday’s close, outperforming the S&P 500, which has risen 6.5% over the same period.
Write to Callum Keown at [email protected]
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