Goldman Sachs to shed up to 10 percent of its sales, fixed income team
Goldman Sachs Group Inc is planning to shed up to 10 percent of its sales and fixed income trading jobs later in the quarter, the Wall Street Journal reported on Wednesday, citing sources.
This workforce reduction, which is higher than the bank’s usual 5 percent annual cuts, is expected to affect not more than 250 people, the Journal said on Wednesday.
The bank, which is set to report its fourth-quarter results next week, is preparing for steeper cuts this year within its debt, currencies and commodities division, the newspaper added. Goldman Sachs could not be reached for a comment immediately outside regular business hours.
Reuters reported in November, citing sources, that rival investment bank Morgan Stanley is also planning to cut up to 25 percent of its fixed income workforce.
Morgan Stanley said in December that it would take a $150 million severance charge in the fourth quarter related to a workforce reduction, covering the cost of cutting jobs of 1,200 workers worldwide, including about 470 front-office employees in its fixed-income business.