Trading Losses Force BofA (BAC), Goldman (GS) to Eliminate Some Jobs, Join Growing List
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Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 0.3%
Revenue Growth %: +5.4%
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Bank of America Corp. (NYSE: BAC) and Goldman Sachs Group Inc. (NYSE: GS) are just two of the many firms trimming workforces on Wall Street.
According to Bloomberg, about 1,300 total jobs are expected in the scaling-back by firms.
BofA has reportedly cut 60 positions within its equity-sales and trading division this month, and Goldman is expected to release about 230 workers starting in September.
BofA and Goldman are joining others like Barclays Plc (NYSE: BCS) and Credit Suisse Group AG (NYSE: CS) in the cuts. Credit Suisse plans t reduce its headcount by 600, while Barclays already fired 100 people.
Royal Bank of Scotland (NYSE: RBS) is to let 200 go in 2011, and HSBC (NYSE: HBC) is looking to reduce its staff by about 700.
Lloyd's Banking (NYSE: LYB) said today that it plans on cutting 15,000 positions.
Goldman cited economic concerns for its cuts, according to the filing.
One Citigroup (NYSE: C) analyst said that equity trading revs fell 15 percent and fixed-income trading revs fell 30 percent in the second quarter.
Recent Bureau of Labor Statistics (BLS) data has financial services jobs falling to 7.61 million in May. Industry jobs consolidated to an average of 7.63 million in FY10, about 8.4 percent below peak employees in 2006.
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According to Bloomberg, about 1,300 total jobs are expected in the scaling-back by firms.
BofA has reportedly cut 60 positions within its equity-sales and trading division this month, and Goldman is expected to release about 230 workers starting in September.
BofA and Goldman are joining others like Barclays Plc (NYSE: BCS) and Credit Suisse Group AG (NYSE: CS) in the cuts. Credit Suisse plans t reduce its headcount by 600, while Barclays already fired 100 people.
Royal Bank of Scotland (NYSE: RBS) is to let 200 go in 2011, and HSBC (NYSE: HBC) is looking to reduce its staff by about 700.
Lloyd's Banking (NYSE: LYB) said today that it plans on cutting 15,000 positions.
Goldman cited economic concerns for its cuts, according to the filing.
One Citigroup (NYSE: C) analyst said that equity trading revs fell 15 percent and fixed-income trading revs fell 30 percent in the second quarter.
Recent Bureau of Labor Statistics (BLS) data has financial services jobs falling to 7.61 million in May. Industry jobs consolidated to an average of 7.63 million in FY10, about 8.4 percent below peak employees in 2006.
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