Goldman Sachs has acknowledged that it will cut more jobs before year-end, though the total number of affected employees this time around isn’t exactly eye-popping. The bank has filed a Worker Adjustment and Retraining Notification (WARN) with the New York State Department of Labor, noting that it will cut an additional 10 jobs between Aug. 8 and Aug. 26. Goldman has now filed five such notices with New York State during 2019, the most significant of which came in April when it said it would be cutting nearly 100 jobs.
While the most recent notice classifies the plans as a “layoff,” a source close to the firm said the 10 redundancies are part of the Goldman’s infamous annual purging of roughly 5% of its staff, rather than part of some restructuring plan. However, the bank typically completes the purge earlier in the year as it begins replacing sacked underperformers. The cuts are said to be spread across the firm's multiple divisions. Goldman declined comment.
Perhaps more interesting than Goldman Sachs handing out 10 pink slips is a detail the firm is required to provide as part of any WARN notice. Goldman noted that, at the time of the filing, headcount in New York stood at 9,065. That’s down from the 9,352 New York-based employees that the bank acknowledged in its last WARN notice, which hit the Department of Labor site in June. Judging by the figures, Goldman has cut nearly a net 300 New York employees in just the last couple of months.
Like all other global investment banks, Goldman Sachs is monitoring costs as industry-wide trading revenues have sunk over the last three quarters. Goldman execs are also reportedly still waiting for the results of its company-wide strategic review.
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