Goldman Sachs laid off 5% of its trading desk on Tuesday, according to Reuters.
Word has always been that Goldman, like other firms, lays off 5-10% of its staff every year as they trim the lower performers.
Goldman Sachs Group Inc (GS.N) laid off 5% of its trading desk staff on Tuesday as part of its annual review process, sources familiar with the matter said on Thursday.
At year-end, Goldman had 35,700 employees, suggesting that 1,785 will be let go in total, not factoring in new hires.
There were layoffs in other divisions as well and more are expected in coming weeks, with the goal of trimming the worst-performing 5 per cent of Goldman’s entire staff, the sources said on condition of anonymity.
The sources did not have an estimate on how many Goldman employees were or will be affected by these cuts.