Goldman Sachs plans to eliminate more than 5% of traders and salespeople in its fixed-income business, cutting deeper into those operations than an annual company wide cull that has already begun, according to a person briefed on the matter.
Bloomberg News reports that the reductions will affect less than 10% of the fixed-income workforce, said the person, who asked not to be identified discussing personnel matters. The firm filed a list of 43 workers with the New York State Department of Labor last month, alerting the agency to the first round of cuts across the company.
Goldman Sachs typically eliminates the bottom 5% of performers around this time each year to make way for new hires, but it sometimes exceeds that amount. The firm was considering cutting deeper in its fixed-income business in this round amid an industry wide revenue slump, a person familiar with the deliberations said in January.
The discussions started earlier than usual this year, and workers will be informed in conversations throughout this month and into April.
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