Investment bank and financial services company Goldman Sachs’ Chief Executive Officer David Solomon revealed in his year-ender letter that the firm would conduct a fresh round of layoffs in January.

“We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January,” read the letter written by the CEO of the investment bank, reported Business Today. 

The reason behind the layoff is the tightening of monetary conditions and the slowdown in economic activity. “There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity. For our leadership team, the focus is on preparing the firm to weather these headwinds," he wrote.

While the company’s revenues and profits are going down, its headcount has gone significantly up. As per data from the company website, the employee headcount is over 49,000, up 34 per cent from 2018.