Must Lucas Van Praag Proofread Everything That Leaves Goldman Sachs?!

Author:
Updated:
Original:

On February 11th Goldman issued four warrants tied to Japan’s Nikkei index which were described in three separate filings amounting to several hundred pages. Buried in the instructions to determine the settlement price was a formula that read “(Closing Level – Strike Level) x Index Currency Amount x Exchange Rate”. It is Goldman’s contention that rather than multiplying the currency amount by the exchange rate, it should have divided by the exchange rate. Oops. [Economist via BI]

Related

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]