Goldman said cutting investment bankers


London, New York and Hong Kong.

Goldman Sachs has cut investment banking jobs in the last few weeks, joining securities firms that are adjusting to a slowdown in deal activity, according to people familiar with the matter.

Bloomberg News reports that the bank eliminated dozens of managing directors, executive directors and vice presidents across the mergers and debt and equity capital markets teams, the people said, asking not to be named as the details aren’t public. The cuts affected bankers in cities including London, New York and Hong Kong and are in addition to the bank’s annual 5% cull of employees deemed underperformers, the people said.

Goldman Sachs CEO Lloyd Blankfein is embarking on his biggest cost-cutting push in years as the bank tries to weather a slump in trading and dealmaking, people familiar with the matter told Bloomberg in April. The job reductions follow a similar move in the firm’s trading division this year, driven in part by a 60% drop in first-quarter profit.

To access the complete Bloomberg News article hit the link below:

Goldman Sachs Said to Cut Dozens of Investment Banking Jobs

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