- Mass redundancies, spending review beckons for Wall Street giant
- Cuts to all major divisions expected, globally
- Restructuring in Asian wealth unit kicks off Wednesday’s layoffs
LONDON/HONG KONG/NEW YORK, Jan 11 (Reuters) – Goldman Sachs (GS.N) 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.
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.
LONDON/HONG KONG/NEW YORK, Jan 11 (Reuters) – Goldman Sachs (GS.N) 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.
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. Just over 3,000 employees 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. The layoffs began in Asia on Wednesday, where Goldman completed cutting back its private wealth management business and let go of 16 private banking staff across its Hong Kong, Singapore and China offices, a source with knowledge of the matter said. NN: They are not having the biggest layoffs in their history because they anticipate good times… Their is a blood bath on the street. Good news is a fresh supply of bar tenders and lab dancers are guarantee……