Goldman Sachs Plans Job Cuts as Debt Trading Misses Estimate
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Goldman Sachs Group Inc., the U.S. bank that makes most of its money from trading, said it will cut about 1,000 jobs after a plunge in fixed-income revenue that was bigger than analysts estimated.
Second-quarter fees from trading debt, currencies and commodities tumbled 63 percent from the previous quarter, more than twice the drop at other major U.S. banks. Net income was $1.09 billion, or $1.85 per share, the New York-based company said today in a statement, falling short of the $2.30 per-share average estimate of 23 analysts surveyed by Bloomberg.