Friday, June 24, 2016

Goldman Sachs announces more layoffs

The pain keeps coming at Goldman Sachs.
Lloyd Blankfein’s bank will ax another 98 employees in its third round of layoffs this year, according to a filing with the New York Department of Labor.
The layoffs were announced about a month after the bank made deeper-than-expected cuts to its ranks of traders this year, decimating its bonds, interest rates, currencies and commodities desks.

The cuts are expected to begin July 17 and go through October 29, according to the state filing.
Goldman, long Wall Street’s most-envied bank, has had a tough year. Total profit was down 60 percent during the first quarter, one of the worst periods since the bank went public in 1999. The bond, currency and commodity trading desks — long a powerhouse for the investment bank — saw a 47 percent drop in annual revenue.
The bank has announced that it’s laying off more than 350 employees from its global staff, which numbered 36,800 at the end of last year, according to regulatory and financial documents.

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