Thursday, Oct 23, 2008
Goldman's is the least bulky of all the bulge bracket firms
Bloomberg: Goldman Sachs May Slash 3,200 Jobs as Credit Turmoil Worsens
Oct. 23 (Bloomberg) -- Goldman Sachs Group Inc. plans to eliminate about 3,200 workers, adding to more than 125,000 job cuts across the securities industry this year.
Goldman will cut about 10 percent of its 32,500 workforce as the credit crisis worsens, said a person briefed on the plans who declined to be identified. Paul Kafka, a spokesman for Goldman in London, wouldn't comment.
Banks worldwide are shelving deals and cutting employees as the unprecedented turmoil in credit markets spreads and spurs concern the global economy may fall into a recession. Goldman, the top-ranked adviser on mergers and acquisitions this year, has dropped by almost 50 percent in New York trading this year, and plans to convert into a bank from a securities firm.
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