David Solomon told a private gathering of Goldman Sachs’ top executives that he had erred by not cutting jobs earlier in 2022, according to people familiar with the remarks.
Speaking to about Goldman 400 partners at a closed-door meeting in Miami this week, the chief executive said he took responsibility for being slow to reduce headcount and pare back investment in new projects when it became apparent there would be a significant business slowdown.
“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,” Solomon said, according to one of the people with knowledge of the remarks.
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