Goldman Sachs began laying off staff on Wednesday in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said.
A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. REUTERS/Brendan McDermid/File PhotoCuts to all major divisions expected, globallyLONDON/HONG KONG/NEW YORK, Jan 11 - Goldman Sachs
The long-expected jobs cull at the Wall Street titan, expected to represent the biggest contraction in headcount since the financial crisis, is likely to affect most of the bank's major divisions, with its investment banking arm facing the deepest cuts, a source told Reuters this month.will be let go, the source, who could not be named, said on Jan. 9. A separate source confirmed on Wednesday that cuts had started.
About eight staff were also laid off in Goldman's research department in Hong Kong, the source added, with layoffs ongoing in the investment banking and other divisions. The company is also cutting its annual bonus payments this year to reflect depressed market conditions, with payouts expected to fall about 40%.
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