David Solomon, the CEO of Goldman Sachs, one of the biggest investment banks in the world said he should have fired staffs much earlier than he did last month.
In January, Goldman Sachs laid off 3,200 staffs as part of cost cutting following tumbling profits in 2022.
David Solomon who is famous for moonlighting as a DJ and hobnobbing with celebrities, has come under scrutiny for his lifestyle. His focus on leading the company has been question by company insiders after partner bonuses were seriously hit by the cost cutting exercise.
This has led to speculation in the industry about how low the bank has fallen under his watch.
Solomon who earned $25million in 2022 had also seen his take home drop by 29%. Parners had seen theirs drop by 50% and are now restive and have started discussing on who next to take the CEO seat.
In contrast, the workers laid off in January received zero bonus. Bonuses make up a big chunk of the pay in investment Banking.