Goldman Sachs has begun a new round of staff cuts in its trading and investment banking divisions, three sources familiar with the matter told Reuters, a sign of continued cutbacks on Wall Street. The job cuts follow 2,400 positions Goldman eliminated last year, and further reductions are possible as the company continues to reduce costs to raise profitability, the sources said. The latest round of cuts is part of Goldman's annual employee review process.
It's unclear how many people will be affected by the job eliminations, which began two weeks ago, because different divisions have received different targets, the sources said. While management has formulated an overall plan for cost-cutting, all of the job cuts may not be completed for months, said a source familiar with the matter.
Recent staff reductions have been less drastic than the cuts Goldman performed in March 2011, when 5 percent of its trading staff was let go, said the sources, who have either worked at the company or recruited for it, and spoke under condition of anonymity…..
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