• 29 May 2014 at 3:10 PM

Layoffs Watch ’14: Goldman Sachs

Employees, particularly those in fixed income, are reportedly worried about having an uncomfortable conversation with Gary Cohn’s inner thigh.

A sharp reduction in trading revenues has sparked a panic inside Goldman Sachs as executives there brace for additional layoffs in the firm’s trading ranks unless business conditions improve, FOX Business has learned. People inside Goldman’s trading operations — traditionally the power center of the big Wall Street investment bank — say the place most vulnerable to cuts is in the firm’s fixed-income trading operations, where business conditions are weakest in large part because of regulatory limits on risk taking. That’s why people inside Goldman say management is likely to swing the ax further than the constant pruning of the firm’s ranks that traditionally takes place on a regular basis. Buttressing fears of head count reduction: remarks made yesterday by Goldman President Gary Cohn, who admitted the current trading environment is tough and could lead to job cuts. “What drives activity in our business is volatility,” Cohn said at Bernstein’s Strategic Decisions Conference in New York. “If markets never move or don’t move, our clients really don’t need to transact… We’re not just waiting for things to get better.”

Drop in Trading Has Goldman Mulling More Cuts [FBN]

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Comments (10)

  1. Posted by Guest | May 29, 2014 at 3:13 PM

    First!

    -BATS

  2. Posted by Captain Oblivious | May 29, 2014 at 3:18 PM

    Its over folks. Wall St is a mere shadow of its former self, and will never come back. In 5 years there will probably be another 50K people blown out forever. Hope you have a plan B

    Essentially Wal St is following the arc of Jim Carreys career. Be sure to tip your waitress

  3. Posted by Im_a_Dude | May 29, 2014 at 3:33 PM

    Shazar, you were doing well with the mouse-overs. why did you slack off?

  4. Posted by Guest | May 29, 2014 at 3:50 PM

    I always give my waitress a taste of my tip.

  5. Posted by Kermit the Frog | May 29, 2014 at 10:39 PM

    Welcome to our world, pals.

  6. Posted by Legal & Compliance | May 29, 2014 at 10:47 PM

    hehehe

    - GlassSteagallSarbanesSoxBaselVolckerDoddFrankenstein

  7. Posted by Joe 6 pack | May 31, 2014 at 7:36 AM

    He's still Secretary of State dickhead. Acting is a good bridge role for politics

  8. Posted by Pest | June 1, 2014 at 4:34 PM

    Massive layoffs in MS fixed income coming this week

  9. Posted by Big Data Stick | June 4, 2014 at 10:27 AM

    by 0.000000000000001 seconds! WOO!

  10. Posted by Fooled us | June 4, 2014 at 10:28 AM

    After Reagan, that's not going to happen again.

    - horrified nation