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Goldman Sachs to axe 10 percent of staff

Text by REUTERS

Latest update : 2008-12-09

Goldman Sachs -- one of two surviving Wall Street investment giants -- plans to slash some 3,260 jobs, equivalent to 10% of its staff, the Wall Street Journal reported, citing a source familiar with the matter.

View our special report: 'The crisis hits Main Street'

 

Goldman Sachs Group Inc plans to cut about 3,260 jobs, a source familiar with the matter said on Thursday.

That represents about 10 percent of the total staff of the New York-based bank, the source said.

The bank has so far suffered the least damage in its peer group in the global financial crisis and it remains the leading adviser to mergers and initial public offerings worldwide.

But its transition from an investment bank to a traditional bank holding company means the Federal Reserve will use its new regulatory authority to limit the bank's risk taking and encourage longer-maturity funding.

Analysts expect Goldman to shrink businesses in prime brokerage and securitization.

In June, Goldman laid off hundreds of support staff and junior bankers due to slowing markets following a round of cuts in leveraged lending and mortgage securities jobs in April.

The company had 32,569 employees worldwide at the end of August. Compensation and benefits accounted for 57 percent of its total operating expenses in the three months ended August, down from 67 percent in the second quarter and 73 percent a year ago.
 

Date created : 2008-10-23

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