Reuters reports that Goldman Sachs laid off investment bankers last week, as a result of slowing M&A activity. The cuts were in the hundreds and affected support staff junior level bankers. Might not seem like a big deal to you, [Bear, Lehman, UBS], but they most certainly are a BFD to Goldman, and, of course, its biggest cheerleader. In related news, we hear that tensions at Lehman Brothers following this morning's conference call are running high. After the jump, dramatic interpretation of what's been poppin' in Dick Fuld's office in the last hour or so.
Goldman cuts M&A jobs as business slows [Reuters]