Goldman to Wall Street: Don’t Axe Too Many!

 From CNBC: The financial industry should not go “overboard” in cutting costs in reaction to current market conditions, the chief executive of Goldman Sachs has warned, a day before the bank is poised to announce one of its smallest ever groups of new partners.

“Our industry has a long history of letting too many people go at the bottom of the cycle and hiring too many at the top,” Mr. Blankfein told an industry conference in New York.

His words come as investment banks in the US and Europe are shedding thousands of jobs in the belief that tighter capital rules will render certain business areas uneconomic for many years even if economic growth comes back…..

Read all about it at http://www.cnbc.com/id/49815363