Goldman Sachs to Lay Off Hundreds, CEO's $39 Million Pay Raise Sparks Outrage!

2025-03-04 22:36:21.956

Goldman Sachs CEO David Solomon will oversee the layoff of 3% to 5% of the firm's workforce, amounting to over 1,395 job cuts. This is part of the bank's annual talent management process, but follows smaller reductions in September. While the bank plans to hire new employees later in the year, those laid off received poor reviews or smaller bonuses. Solomon, who received a 26% pay raise to $39 million in 2024, has focused on improving efficiency and refocusing the bank's business. The layoffs come as Goldman Sachs reported record profits of $14 billion in 2024. Solomon has also been navigating the firm's rollback of diversity, equity, and inclusion policies amid potential lawsuits. The timing of the layoffs also coincides with uncertainty surrounding Trump's economic policies, including tariffs on Mexico, Canada, and China, which Solomon described as an attempt to 'level the playing field'. Despite the layoffs, Goldman Sachs' stock price has surged in the past year.