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.
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The House of Lloyd is said to be doing its annual cut of the bottom 5 percent and then some later this week.

Goldman Sachs Group Inc plans to begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading. The cuts come at the time of year in which the Wall Street bank typically gets rid of its weakest 5 percent of employees across the entire firm. But as the trading business continues to suffer from weak volumes and earnings, the losses are expected to be deeper in some businesses. Equities trading will likely see cuts bigger than 5 percent, while fixed-income trading, which took big hits last year and has had better volumes, will likely see cuts of less than 5 percent, the sources said. The number of shares traded on major U.S. exchanges this year is down 7.2 percent. It is unclear whether the cuts in totality will be larger than Goldman's typical 5 percent culling across the firm.

Exclusive: Goldman to begin fresh round of job cuts [Reuters]

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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

A whole bunch of senior people were to pack up their things and leave last Thursday. Goldman Sachs laid off about 50 people last week, according to people briefed on the matter but not authorized to speak on the record. The cutbacks have rattled some people in the firm, in part because a number of the employees were managing directors and on the higher end of Goldman’s pay scale. We're also told that "good performers, not dead weight" were among those cut, which must doubly sting. Goldman Sachs Cuts A Little Deeper [NYT]