Goldman CFO David Viniar said last month that the firm would refrain from any largescale headcount reductions if the markets remained fairly stable, but Goldman continues to cut at the edges as part of an ongoing review of marginal businesses.
Bloomberg reports that up to 30 front office staff in sales and trading were axed this week, mostly in New York.
Viniar said in July: 'We’re controlling the levers that we can, which are expenses and capital. We obviously don’t want to go too far on either one because we think that the world will get better'.
In the meantime, Bloomberg also reports that Morgan Stanley Smith Barney, the brokerage venture of Morgan Stanley and Citigroup, was fined $450,000 after a trader amassed a $1.3b bet in 2009, Financial Industry Regulatory Authority records show.
The brokerage didn’t have enough controls in place to detect that Jared Weinryt, 31, had breached his $116m trading limit as he made overnight bets on futures, Finra said this month. The trades led to losses for Morgan Stanley Smith Barney of about $14.9m, according to Finra.
Hit the link below to access the complete Bloomberg article:
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