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Goldman starts cutting about 3,200 jobs

Goldman Sachs Group is expected to eliminate about 3,200 positions this week, the biggest round of job cuts ever, according to reports. More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts. The cuts in its investment bank are elevated by the inclusion of the non-front-office roles that were added to divisional headcount in recent years. The bank still has plans to continue hiring later this year. The final job reductions figure is significantly lower than earlier proposals in management ranks that could have eliminated nearly 4,000 jobs. The latest cuts represent an acknowledgement that even businesses that outperformed this year will have to take the pain as well for a firm-wide performance that’s going to miss targets set for shareholders in a year of expense bleed.


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