Goldman Sachs laid off thousands this week-sources (3,200 people notified of lay-off)

[UpInArms]

Source: Reuters

NEW YORK, Nov 5 (Reuters) - Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) notified roughly 3,200 employees this week that they have been laid off, part of previously reported plans to slash 10 percent of the firm's global work force amid slumping markets, people familiar with the situation said Wednesday.

Goldman Sachs declined to comment.

Two weeks ago, Reuters reported Goldman planned to cut 10 percent of its staff, or almost 3,300 jobs, reflecting the weak economy and a cut back in proprietary trading. The cuts are an about-face for a company that as recently as September insisted its headcount would rise this year.

The latest cuts reduce headcount to the lowest since 2006 and hit every businesses and region.

The investment bank has managed to avoid the kind of losses from mortgages and corporate loans that have hobbled rivals, yet Goldman still has suffered from the steep decline in merger and underwriting activity, as well as plunging prices for stocks and other investments.

Goldman has quietly and slowly cut jobs all year. The bank laid off hundreds of M&A support staff and junior bankers in June due to slowing markets, following a round of leveraged lending and mortgage securities cuts in April.

Read more: http://www.reuters.com/article/bondsNews/idUSN0531662720081105

[HughBeaumont]

1. This helps.

Looks like the cash-and-carry CEOs aren't in any hurry to start playing ball, start making sacrifices and ride bad times out like the rest of us have to. But I'm sure our great social safety net will take care of these people so they don't lose their livelihoods in the long time of layoff. :eyes:

This is just one of the MANY things I HATE about 2008 America. There isn't ANY doubt that the Markets (read: rich people who aren't you clocking dollars), judging by today's massive sell-off, are fuming at the fact their laissez-FAIL facilitator didn't make it into office, signaling that their gravy train is likely over.

So are they going to start playing ball or take it home like the whiny petulant BRATS they are? When are we going to stop kowtowing to the needs of the CEO industry? When is the runaway greed EVER going to stop?

[SpiralHawk]

2. The putrid fruit of republiconomics

[happygoluckytoyou]

3. gotta wonder how they voted?

[Prisoner_Number_Six]

4. Those workers must have been cutting strings from the golden parachutes

The bosses can't have THAT!!!