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Layoffs Watch '14: Goldman Sachs?

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The House of Blankfein might make cuts or it might not, according to Charlie Gasparino. Whatever happens, though, it doesn't change the way Lloyd feels about you; he'd keep each and everyone one of you if he could.

Goldman is weighing whether to make a formal announcement about the size and scope of potential cuts among traders, amid a sharp decline in revenue -- particularly in the fixed-income business, according to people with knowledge of the matter. This announcement could be made during the firm’s second-quarter earnings announcement, scheduled for July 15. FOX Business earlier reported that a sharp reduction in trading revenue has sparked a panic inside Goldman Sachs as executives there brace for additional layoffs in the firm’s trading ranks unless business conditions improve. The cuts would go beyond the 10% staffing reductions that usually take place at the big bank. At a recent investor conference, Goldman Sachs president Gary Cohn conceded that the trading environment -- squeezed by post-financial crisis regulations that reduce Wall Street risk taking -- is difficult and could lead to head-count reductions. But people close to the firm say there is still no agreement on whether larger cuts are needed. The firm’s chief executive, Lloyd Blankfein, is hesitant to make large cuts fearing that the trading slowdown is cyclical and the business could bounce back.

Trading Slowdown Has Goldman Mulling Further Cuts [FBN]


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]

Sad about it. Getty Images.

Layoffs Watch '16: Goldman Sachs

The House of Lloyd has bid a buncha employees adieu.

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]