Goldman CEO Warns Rivals - Don't Axe Too Many Jobs

Lloyd Blankfein

Goldman CEO Lloyd Blankfein issued a warning to rival firms Tuesday - don't axe too many jobs.

Speaking a the Bank of America Merrill Lynch Banking and Financial Services Conference, Blankfein said that firms shouldn't go 'overboard' when cutting jobs in this stage in the economic cycle.

He said: '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'.

Blankfein also said that Goldman is deploying more information technology to handle trades and manage its capital as the firm cuts its payroll.

Reuters reports that the firm is hiring additional technology workers while cutting its total payroll, Blankfein said. Total staff at the investment bank was down 8%at the end of September to 32,600 people from 35,500 in June 2011, he said.

Finally, Bloomberg reports that Goldman plans to exit the South Korean asset management business amid sluggish global stock markets, according to three people with knowledge of the situation.

The Wall Street firm will probably take steps to protect customers of its Goldman Sachs Asset Management Korea Co. unit, said two of the people, who asked not to be named as the matter is private. They didn’t specify the timing of an exit.

Goldman using technology to cut costs, manage capital

Goldman Sachs Said to Plan Exit From Korea Asset Management

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