David SolomonManaging Director of Goldman Sachs Group Inc GSreportedly said at a private gathering of the bank’s top executives that he made a mistake by not cutting jobs earlier in 2022.

Goldman Sachs Group Inc GS CEO David Solomon He reportedly told a private meeting of the bank’s top executives that he made a mistake by not cutting jobs earlier in 2022.

Solomon said he was responsible for being slow to downsize and cut investment in new projects when it became apparent that a significant slowdown would occur. reported Financial Times, citing people familiar with the statements.

The head of the banking giant reportedly spoke to about 400 associates during a behind-closed-doors meeting in Miami.

Also read: How to invest in startups

In January, Goldman cut 3,200 jobs, or about 6.5% of its workforce. as part of its biggest cost-cutting exercise in years. Solomon acknowledged that this would have been less drastic had he acted sooner.

“As the environment became more complicated in the second quarter of last year, every bone in my body believed that we should be much more aggressive in our efforts to slow hiring and reduce headcount,” Solomon said, according to the report.

Erica LeslieGoldman’s chief administrative officer and co-chair of the partnership committee, FT told FT that by meeting, the bank is providing transparency to its partners and empowering them to go out and tell that story to the people they work with.

“I think we succeeded,” she said.

Solomon also said the number of leaks to the media about Goldman hurt the bank.

“David pointed out that the leaks are hurting the company, and they are. I’ve been hearing the same message from our partners all week,” the spokesman said.

Continue reading: Fed Chairman Jerome Powell announces his salary and thinks it’s absolutely fair