600 jobs likely to go at Goldman
Friday, October 24, 2008 : PermalinkGuardian Unlimited – The threat of further redundancies hung over the City last night as it emerged that the investment bank Goldman Sachs is expected to cut at least 600 jobs in London. A wide-ranging cull of hedge funds in the capital was also predicted as the fallout from the banking crisis spread to vulnerable sections of the finance industry.
Goldman plans to cut 10% of its worldwide workforce to reflect the worsening economic conditions. It has about 6,000 staff in London. Sources close to the company said no decision had been taken on which countries or business lines would take the brunt of the cuts, but there was an expectation all operations would be hit.
Recently bailed out by the US government and a $5bn (£3bn) injection from the investor Warren Buffett, Goldman has seen many of its most lucrative business areas, including debt financing for mergers and takeovers, in effect closed down.
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