Goldman Expands Job-Cutting Plan in Filing to Include 109 Peopleby
Goldman Sachs Group Inc. told New York state regulators it’s expanding a plan to cut employees this year, potentially dismissing 109 workers.
The firm amended a February “warn notice” filed with the Department of Labor, increasing the number of affected employees from 43. The revised filing, posted on Thursday, also extended the time frame for dismissals, saying they’ll occur between May 9 and Dec. 31. The bank previously said they will be concluded by July 1.
Neither filing indicates what kind of personnel will be cut. Both list the reason for the move as “economic.” A company spokeswoman said she couldn’t immediately comment.
Goldman Sachs is among global investment banks that have been paring staff this year as market turmoil, low interest rates and stiffer regulations hurt profits. The New York-based firm already decided to cut its fixed-income business deeper than a typical companywide push to eliminate underperformers, a person briefed on the matter said earlier this month. Typically, the firm eliminates about 5 percent of its total staff to make way for new hires.