As we noted yesterday, Goldman Sachs cut 300 people in the first quarter. Amidst rising non-compensation costs, it's also been cutting pay per head and shifting operational positions in the US to Utah.
However, it probably will not be making extra redundancies in FICC - despite the fact that its FICC revenues were down nearly 30% year on year in the first quarter. In yesterday's conference call, David Viniar said that, 'as he sat there now' there were no plans to downsize FICC.
"We continue to be hopeful that that business is going to grow over time. And it's going to grow in more places. It's going to grow in the growth markets. We continue to be optimistic looking forward. "
Viniar also said that not many people were leaving and that the redundancies in the first quarter were in now way indicative of what might happen to headcount later in the year.
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Christian Meissner has become more important at BAML. (Bloomberg)
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