Goldman Sachs Notifies Regulators of 98 New York Job Cutsby
Goldman has now cut at least 353 employees in New York
The bank has been trimming staff to weather slowdowns
Goldman Sachs Group Inc. has told 98 employees in New York that their jobs are being eliminated, bringing the number of dismissals disclosed to state officials this year to at least 353.
The reductions are part of a third round of layoffs at the firm, the bank said in a notice with the state Labor Department dated June 21. An earlier document in April cited 146 cuts, and a March filing detailed 109 dismissals.
The employees, who worked across a variety of businesses, were notified in April, May and the first week of June, according to a person briefed on the cuts. They will drop off the payroll from July to October, said the person, who asked not to be identified discussing personnel decisions. The bank had 36,500 total staff as of March 31, according to a financial filing.
Goldman Sachs has been reducing staff as it seeks to weather a slump in trading and deal making. The firm eliminated dozens of managing directors, executive directors and vice presidents across the mergers and debt and equity capital markets teams earlier this year, people familiar with the matter said at the time. The firm also extended cuts in its fixed-income division to roughly 10 percent of staff, double what it normally cuts each year.