Goldman Sachs Tells Regulator of 55 More New York Job Cutsby
Bank has told New York officials of 408 reductions this year
About half of the cuts are said to be in the securities unit
Goldman Sachs Group Inc. notified state officials that it’s trimming 55 positions in New York, marking the fourth round of job cuts this year and pushing the total number dismissed to more than 400.
The reductions are scheduled to happen between Aug. 31 and Dec. 29, the New York-based firm said in a notice with the state Labor Department dated July 8. About half are traders and salesmen in the securities division, with the rest scattered across other units, a person briefed on the matter said. They were part of the roughly 30 New York cuts that became public last month, said the person, who asked not to be identified discussing personnel matters.
Goldman Sachs has been reducing staff as it seeks to weather a slump in trading and dealmaking. The company has extended cuts in its fixed-income division to roughly 10 percent of staff, double what it normally culls each year. The firm outlined 98 job cuts in a filing last month, 146 dismissals in April and 109 in a March filing.
Goldman Sachs typically informs employees about their status before the dismissal notice appears on the Labor Department’s website. Last month’s filing involved cuts communicated to employees weeks and months beforehand, a person briefed on the policies said at the time.
The bank had 36,500 total staff as of March 31, according to a filing.