Goldman Sachs has fired about 30 executives from its equities business as it forges ahead with a reorganisation. The job cuts are across the board and are concentrated in New York.
The move comes after Goldman cut 50 executives from its equities division a year ago.
While the fixed income division at Goldman has been flourishing, with net revenues up 31% last year, the equities business fell short of expectations.
Financial News reported earlier this week that the bank is also looking to lay off up to 10% of its equity research staff in the UK. Goldman declined to comment on the UK job losses.
Commenting on the US cuts, a spokesman for Goldman, said: "This is part of our annual review of the business which we conduct to ensure that we have the best people and are organised most effectively to meet our clients' needs."
The spokesman added: "We are hiring for positions in areas across the equities division."
Hank Paulson, chief executive of Goldman, issued a memo earlier this year that said the bank was integrating its financing group, which comprises equity capital markets, debt capital markets and leveraged finance, into its investment banking business, which includes mergers and acquisitions and private equity.