Goldman Sachs began a round of layoffs this morning.
The cuts affected operations staff, and a source said equities expects to start seeing cuts soon.
While global numbers are unknown, in New York at least, Goldman could cut up to 230 workers.
The bank notified New York State Department of labour that it could cull its numbers due to “economic reasons.”
A Goldman Sachs spokesman had no comment on the WARN notice, which is essentially a written warning to the DOL that a mass layoff may occur. Such notices must be filed by companies with a headcount of 50 or more, within 90 days of the layoff event.
While Goldman traditionally makes annual cuts to its securities division based on underperformance, this round of layoffs is reported to be broader.
Layoffs were predicted to hit all the bulge bracket banks this summer, as trading profits remain sluggish.
Goldman Sachs in particular is looking to cut costs. The firm has said it wants to cut $1 billion in non-compensation expenses in the coming year.
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