Per usual, Goldman’s earnings (GS) blew the doors off–and the firm still took the opportunity to prune staff. Hundreds of M&A bankers are history, Reuters says–mostly support staff and junior bankers, along with a reported 25% of vice presidents.
This is bad news for those who got canned but good news for Goldman investors. The firm continues to maintain extraordinary discipline in the face of a market storm that has crippled all of its competitors. Jobs at Goldman are (and should be) hard to get and hard to keep, and the firm should make sure it stays that way.