Layoffs Watch '16: Goldman Sachs Tells Investment Bankers To Clean Out Their Desks

The cuts are on top of Goldman's annual axing of the 5% of employees giving the bank a bad name.

If you run into Lloyd or Gary at Shake Shack or elsewhere in Goldman Alley, don't make it awkward. The layoffs are tough on them, too, but not enough to justify more than 2 seconds of eye contact or an uncomfortable conversation that starts "Oh, you don't remember me?"

Goldman Sachs Group Inc. cut investment banking jobs in the last few weeks, joining securities firms that are adjusting to a slowdown in deal activity, according to people familiar with the matter. The bank eliminated dozens of managing directors, executive directors and vice presidents across the mergers and debt and equity capital markets teams, the people said, asking not to be named as the details aren’t public. The cuts affected bankers in cities including London, New York and Hong Kong and are in addition to the bank’s annual 5 percent cull of employees deemed underperformers, the people said.

Goldman Sachs Said to Cut Dozens of Investment Banking Jobs [Bloomberg]