On the bright side: “Government Sachs” is still hiring. (Or is it?)
WSJ: Goldman is preparing to cut about 10% of its 32,500 employees, according to people familiar with the matter, a sign of deepening job losses on Wall Street…
In September, with the company’s work force at a record high, Chief Financial Officer David Viniar indicated he expected the company’s head count to be flat or higher for the rest of the year. But the credit crisis has deepened since then, forcing Goldman to make the cuts.
A sign of the times:
The downsizing wave is likely to get worse on Wall Street in the next several months, from securities firms to hedge funds. Barclays PLC plans to cut at least 3,000 jobs from its payroll in the U.S., which includes former Lehman operations.
Of the 61,000 employees at Merrill Lynch & Co., thousands are likely to lose their jobs as part of the firm’s looming takeover by Bank of America Corp. Merrill already has eliminated 5% of the its jobs this year.
About 75 Merrill staffers were cut this week from its Asian fixed-income and equities trading desks, according to people familiar with the situation. Those cuts were part of a world-wide staff reduction that eliminated about 500 trading jobs, a person close to the situation said.
At Morgan Stanley, employment as of the end of August was down about 3% from a year earlier to 46,383.