The firm is going through its biggest cost-cutting push in years.
Goldman Sachs is cutting more jobs in its securities units, extending reductions in fixed-income operations this year to roughly 10% of workers there, according to people with knowledge of the situation.
Bloomberg News reports that the dismissals in New York and London this week build on cuts that already had targeted about 8% of fixed-income personnel through last month, people with knowledge of the matter said, asking not to be identified because the plans aren’t public. The push also affects the equities division, one person said.
Goldman Sachs CEO Lloyd Blankfein is undertaking the firm’s biggest cost-cutting push in years as the investment bank tries to weather a slump in trading and dealmaking, people familiar with the plan said last month. Managers, particularly focused on improving results in the securities division, have been looking this year at trimming as much as 10% of the company’s fixed-income operations -- going deeper than an annual 5% cull to make way for new hires, people have said.
The Wall Street Journal reported the recent escalation of fixed-income reductions earlier Thursday.
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