Goldman Sachs Cuts 98 More Jobs in New York

SachsA Goldman Sachs Group Inc. logo hangs on the floor of the New York Stock Exchange in New York, U.S., on Wednesday, May 19, 2010. Photographer: Daniel Acker

Goldman Sachs Cuts 98 More Jobs in New York

Goldman Sachs Group Inc. on Wednesday announced the layoff of 98 employees in New York. This brings the number of dismissals disclosed to state officials this year to 353. The layoff is part of third round reduction at the firm, the bank said in a letter to the state Labor Department on Monday.

An earlier document referred 146 job cuts in April, and about 109 dismissals in March. According to a source familiar with the cut, the employees were notified in April.

The company will drop off the payroll from July to October, said the source, who asked not to be identified discussing personnel decisions. The bank had 36,500 total staff as of March 31, according to a financial filing.

Goldman Sachs continued to reduce staff as it seeks to weather a slump in deal making and trading. The firm had earlier eliminated dozens of managing directors, executive directors and vice presidents across the mergers and debt and equity capital market teams earlier this year.

The firm also extended cuts in its fixed-income division to roughly 10 percent of staff, double what it normally cuts each year.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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