Will all ever be well again on Wall Street? Not anytime soon. After a brutal year of layoffs in the financial industry last year, the axe is starting to fall again this year.
In the last week, Goldman Sachs laid off about 50 employees, with many in the managing director level, according to Suzanne Craig at the New York Times. Although 50 individuals constitute a small portion of Goldman’s employees, the move seems like a particularly strong measure in cutting costs, as managing directors are some of the highest paid employees in the firm; it is the second highest position after partner.
In addition, the New York Post has a report this morning detailing further layoff plans for many of the top Wall Street firms, including about 100 job cuts at Morgan Stanley.
The Post’s report also said that Citigroup and Barclays are looking at axing several jobs. Furthermore, Swiss bank Credit Suisse also reported earlier this month that they would be laying off 109 people around New York state, according to the Times.