Goldman Sachs is reportedly going to begin its layoffs for the year 2023 in this week of January as per report of Bloomberg.

The CEO of Goldman Sachs David Solomon even confirmed the headcount of the reduction in his year end letter as per reports.

Goldman Sachs layoffs are expected to impact thousands of jobs at the investment banking division as per Bloomberg Report but to taper it down, around 3, 200 jobs will be cut off as the report states.

A majority of the layoffs will be from the core trading and banking units, signalling the magnitude of the job cuts. This is because institutional banks have hit a roadblock in corporate deal making activity amid increased volatility in global financial markets.

Goldman Sachs Chief Executive David Solomon had earlier warned employees about a headcount reduction in a year-end voice memo he sent to staff, according to two sources quoted by Reuters.

As per reports, the letter that was written by the CEO, while speaking to employees in his year-ender letter, he informed all Goldman Sachs employees that a fresh round of layoffs would be held this month.

As per Outlook, the reason for the layoffs as stated in Bloomberg report is because the institutional banks have slowed down in corporate deals due to the financial market globally.

It is expected that 2023 would also be a year when companies would move towards job cuts depending on the economic situation