Goldman Sachs to cut more than 3,000 jobs worldwide

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 or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here