Gold­man ex­pands job-cutting plan to 109 peo­ple

The Pak Banker - - FRONT PAGE -

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.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.