Goldman Sachs Group CEO David Solomon said he was late in realising the need to reduce the firm's workforce and acted slowly on cost-cutting measures.

In a private meeting in Miami with about 400 of the bank’s partners, Solomon said he was too slow in reducing the bank’s workforce even as signs of headwinds began to emerge in the second quarter of last year, Financial Times reported.

 Solomon also said that the eventual job cuts could have been less drastic if the bank had taken action earlier.

Goldman last month began a plan to eliminate about 3,200 positions, or 6.5 per cent, of the New York-based bank’s headcount, marking one of its largest rounds of job reductions ever. 

The move follows a bigger-than-expected spike in expenses and plummeting revenue and profit, prompting some analysts to predict more layoffs and other cost-cutting measures.

According to the report, Solomon also emphasised the underlying strength of Goldman’s trading and investment banking operations.

Goldman hosted the meeting in Miami over several days last week to talk about strategy and review presentations for the bank’s investor day set for Feb 28.