Goldman Sachs Group cut fewer than 50 jobs last week to trim
expenses as the bank’s revenue prospects worsen, a person familiar with the
matter told Bloomberg. The reductions
included some managing directors, the second-highest position at the firm after
partners, said the person, who asked not be identified because he wasn’t
authorized to talk.
Goldman Sachs, the fifth-biggest U.S. bank by assets,
employed 32,400 people at the end of March, down from 35,400 a year earlier,
according to the New York-based company’s most recent quarterly earnings
report. The firm is expected to earn $2.29 a share in the second quarter,
according to the average estimate of 25 analysts surveyed by Bloomberg. That’s
a decline of 42 percent from the preceding three-month period.
Goldman Sachs appointed 261 people to managing director last
year, according to an internal memo obtained by Bloomberg News. That was a
decline of 19 percent from a year earlier, when a record 321 people were
promoted to that level…
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