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Goldman Plans NYC Job Cuts
The ax is about to fall at Goldman Sachs. In a filing with New York State, the firm announced that it will to lay off 230 employees in New York City - layoffs would begin at the end of September.
The Goldman decision to cut staff came as no surprise, given the weak markets, problems in Europe and uncertainty over regulation. Even Goldman isn't immune to the significant slowdown on Wall Street. Earlier in June, it was reported that Goldman plans to cut headcount and hopes to cut noncompensation expenses by 10% percent, or $1 billion, over the next 12 months.
The firm listed “economic” as the reason for cutting the 230 people - < 1% of its world-wide workforce of 35,400. Unfortunately, more cuts are expected in the later coming months. [Dealbook, 6/30/11]
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