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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
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- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
‘Dreaded Bloodbath’ Has Begun at Goldman Sachs
A “dreaded bloodbath” has begun at Goldman Sachs, where 5 people from the equities desk and 6 from fixed income were laid off this week. Previously, at the end of February, 65 other New York traders and salespeople were laid off. The body count is expected to swell in the coming weeks, according to the New York Post, which quoted sources close to the bank.
Every year around March, Goldman and other banks begin their spring cleaning, typically slashing about 5% of their workforce as they weed out underperforming traders and bankers. However, some business units inside Goldman expect to see steeper cuts this year, particularly in fixed income. Goldman has a worldwide headcount of 36,600 employees.
The concern is that Goldman’s new chief executive, David Solomon – who previously headed the firm’s investment banking business – may take aim at the trading division, which has turned in several years of declining trading results. The terminations may also be part of Solomon's broader plan to boost revenue across the company.
[For additional details, click to access article in ... New York Business Journal.]