Here's a fun one: at the end of January it was reported that Goldman would be cutting 5% of its global workforce, because (pick one) a. These bottoms weren't living up to the Goldmany Goldman standard b. As it turns out, Goldman's not better than everyone else (well, better than Citi but who isn't?) c. Someone knocked over the printing press GS uses to make the money and with the new one on back order and the Kinkos employees on break, the firm was forced to take desperate measures.
Either way, 5 percent globally, not that big a D. Now some rumors going around the city's biggest shuls seem to imply that things are worse than previously imagined. Apparently unexpected firings at 85 Broad today have people panicked that Goldman could layoff an overall 25 percent of its workforce.
Meanwhile, Peter Kraus, who took over as head of investment management in June 2001, just retired, according to sources familiar with the matter of making a firing look involuntary (We kid!...).
Remember Mark Spilker? He was the guy who cut down Kynikos founder Jim Chanos's hedges in the Hamptons without asking first this summer. He was just added to Goldman's management committee, the small coterie which runs the bank. That can't be good.
Goldman, of course, had no comment (unless you consider the sound of someone laughing and crying at the same time a comment).
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.
Layoffs Watch '12: Goldman Sachs
The cuts aren't said to be too significant but good luck telling that to the people who'll no longer be receiving quality Cohn-crotch time. Goldman Sachs, the Wall Street bank that generated 58 percent of first-half revenue from sales and trading, eliminated 20 to 30 jobs in that division this week, according to a person briefed on the matter. The cuts affected salespeople and traders in the U.S., with most taking place in New York, said the person, who asked not to be identified because the reductions aren’t being announced publicly. The decision is part of a continuous review of staffing levels amid difficult markets, the person said. Goldman Sachs Said To Cut More Than 20 In Sales, Trading [Bloomberg]
Layoffs Watch '12: Goldman Sachs
The cuts aren't expected to go too deep but every man, woman, and plant counts. David A. Viniar, Goldman's chief financial officer, said the latest round of belt-tightening by the New York company might include job losses for "a couple of hundred people." By year end, Goldman will reduce total expenses by $500 million on top of about $1.4 billion in cuts since last spring. Goldman To Tighten Belt Further [WSJ] Related: Goldman Sachs’ Philodendrons In The Line Of Fire
