Goldman Sachs (GS) Will Make Larger Cuts to Equities Business Staff
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Goldman Sachs (NYSE: GS) is readying another round of job cuts, with more emphasis on its equities unit.
According to Reuters the cuts could start as soon as this week and affect more than 5 percent of employees in equities trading. Due to improved performance, fixed-income is likely to see less than 5 percent of its staff cut.
Typically, Wall Street firms get rids of the underperforming 5 percent during this part of the year.
Over the last two years, Goldman has dismissed about 3,300 employees as it looked to become more profitable following the financial meltdown and fallout in 2008 - 09. Shares are down 1.5 percent Monday.
According to Reuters the cuts could start as soon as this week and affect more than 5 percent of employees in equities trading. Due to improved performance, fixed-income is likely to see less than 5 percent of its staff cut.
Typically, Wall Street firms get rids of the underperforming 5 percent during this part of the year.
Over the last two years, Goldman has dismissed about 3,300 employees as it looked to become more profitable following the financial meltdown and fallout in 2008 - 09. Shares are down 1.5 percent Monday.
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