Goldman Sachs will spend $275 million on the 3,200 layoffs it announced in early January, its largest drop in headcount since the 2008 financial crisis.
The Wall Street bank will incur severance fees for the thousands of employees laid off in January, CFO Denis Coleman said investors on a call presenting its fourth-quarter results. In 2023, the headcount decrease will result in a benefit for Goldman that exceeds $200 million, he said.
Coleman acknowledged that around 3,200 Goldman Sachs employees were laid off in January, a figure that mirrors the firm’s personnel decrease in the wake of the Lehman Brothers bankruptcy in October 2008. David Solomon, the chief executive officer of the bank, stated, “We feel deeply for the individuals touched by these reductions” since they were “very dedicated and accomplished individuals.”
Analysts were perplexed as to why Goldman’s spending
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