Goldman Sachs and Lehman Brothers laid off nine and six specialists, respectively, yesterday, as part of its shift from human to electronic trading. Lehman also laid of the entirety of its Direct Market Access staff; Goldman plans to shutter its Direct Access division by March. Lehman confirmed the news but had nothing else to comment (though, presumably, that the erstwhile colleagues ought not to let the door hit them on the way out). Goldman, typically known for being the more charitable organization, confirmed the moves and offered “We hear Starbucks gives all its employees health insurance—even for P/T! Not dental, though...but beggers can't really be choosers, are we right?”
BLOOD ON THE STREET: FLOOR TRADERS AXED [NYPost]