Goldman Sachs to cut more than 3,000 jobs worldwide
Losses & Lawsuits
NEW YORK - US investment bank Goldman Sachs has announced its intention to cut 3,250 jobs - 10% of its international work force. It says the job losses will be spread across the globe.
In September Goldman and rival Morgan Stanley announced they would become regular bank holding companies, due to fears their investment bank model had become untenable.
Until recently, Goldman had fared well despite the current crisis, with limited subprime exposure. However, its third quarter figures saw a 71% drop in profits, down to $810 million.
The bank allocated more than $11 billion to staff bonuses and remuneration for the first nine months of 2008. It is now expected to attempt to recoup some of this staff expenditure.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Derivatives
No clearing sweeteners for European SSAs, argue dealers
As public entities eye CCP membership, dealers warn of heightened risk exposure from support waivers
Receive this by email
Most read on Risk.net
- The Libor replacement stakes: runners and riders
- SEC’s Gensler takes aim at Bloomberg’s BSBY index
- Asia moves: Deutsche appoints Asia-Pacific treasurer, Citi boosts Australian sales team, and more
- People moves: five leave JP Morgan, MS names co-presidents, and more
- CFTC rule change sparks dealer-client margin scuffle