Solomon told a Credit Suisse conference on Tuesday that Goldman has a “much tighter hiring plan” this year. “We’re very focused on expenses,” he added.
The news follows Goldman’s recent announcement of plans to cut 3,200 jobs—approximately 6.5% of the bank’s total workforce.
Goldman rapidly expanded its headcount during the Covid pandemic but the firm has been impacted by the difficult economic environment that has seen jobs cut across the finance and technology industries.
Despite this, Solomon offered some positivity about the economic outlook. "The consensus has shifted to be a little bit more dovish in the CEO community that we can navigate through this with a softer economic landing,” he said.
"The chance of a softer landing feels better than it did six to nine months ago."
Goldman is ranked among the best banks to work for and regularly hires from MBA cohorts. The firm hired graduates from the likes of London Business School and INSEAD in 2022.
Alongside Goldman, top global asset manager, Blackrock, recently announced plans to cut 2.5% of staff while firms in the technology sector including Google, Amazon, and Microsoft have all announced plans to reduce headcounts.