• 25 Feb 2013 at 4:40 PM

Layoffs Watch ’13: Goldman Sachs

The House of Lloyd is said to be doing its annual cut of the bottom 5 percent and then some later this week.

Goldman Sachs Group Inc plans to begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading. The cuts come at the time of year in which the Wall Street bank typically gets rid of its weakest 5 percent of employees across the entire firm. But as the trading business continues to suffer from weak volumes and earnings, the losses are expected to be deeper in some businesses. Equities trading will likely see cuts bigger than 5 percent, while fixed-income trading, which took big hits last year and has had better volumes, will likely see cuts of less than 5 percent, the sources said. The number of shares traded on major U.S. exchanges this year is down 7.2 percent. It is unclear whether the cuts in totality will be larger than Goldman’s typical 5 percent culling across the firm.

Exclusive: Goldman to begin fresh round of job cuts [Reuters]

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Comments (3)

  1. Posted by The Commentariat | February 26, 2013 at 3:31 AM

    GS sucks!

    -No one

  2. Posted by T. Ligety | February 26, 2013 at 9:34 AM

    I have always liked GS.

  3. Posted by UBS Comp Analyst | February 26, 2013 at 1:27 PM

    Getting canned at GS > Getting Bonus at UBS