Now blood is starting to run in the streets! Stan
Goldman Sachs to Fire 10% of Staff, Guardian Says (Update3)
By Rob Stewart
03/12 04:26
quote.bloomberg.com
London, March 12 (Bloomberg) -- Goldman Sachs Group Inc. may fire 10 percent of its global investment banking staff, about 2,000 employees, as it tries to combat a drop in business since Sept. 11, the Guardian newspaper reported without citing sources.
The layoffs will begin after the bank reports its first- quarter results next week, said the Guardian, the second newspaper to say the bank will make cuts following the Observer last month. Goldman's business has failed to recover since the global economic slump that followed terrorist attacks in the U.S.
Goldman's Chief Financial Officer David Viniar said at a Credit Suisse First Boston conference last month that the recovery in the U.S. is slower than he expected and the bank is ``not quite ready'' to make a decision on job cuts.
Falling earnings prompted investment banks to fire about 30,000 people last year, the deepest cuts since 1987. In that time, Goldman fired about 3,500 people, though it hired almost as many, keeping its payroll at about 22,600.
Eddie Naylor, a Hong Kong-based Goldman spokesman declined to comment on the report. |
