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New Jersey’s Murphy Says Goldman Job-Cut Plan Signals Stress for State

  • Governor ready to set aside ‘sizable slug’ of budget surplus
  • Toasting a third credit upgrade but wary of market’s direction
Phil Murphy

Phil Murphy

Photographer: Victor J. Blue/Bloomberg

New Jersey Governor Phil Murphy said Goldman Sachs Group Inc.’s plan to cut hundreds of jobs is a sign of impending economic strains that may force his state to set aside “a very sizable slug” from its budget surplus.

The 65-year-old Democrat and former Goldman Sachs senior director said he had no insight into the firm’s plans. But the prospect of staffing cuts at the bellwether bank suggests widespread pain that may ripple through the economy, Murphy said in a telephone interview Wednesday.