Staff braced for additional layoffs.
A sharp reduction in trading revenues has sparked a panic inside Goldman Sachs as executives there brace for additional layoffs in the firm’s trading ranks unless business conditions improve, FOX Business has learned.
According to the report, people inside Goldman’s trading operations - traditionally the power centre of the big Wall Street investment bank - say the place most vulnerable to cuts is in the firm’s fixed-income trading operations, where business conditions are weakest in large part because of regulatory limits on risk taking.
That’s why people inside Goldman say management is likely to swing the ax further than the constant pruning of the firm’s ranks that traditionally takes place on a regular basis. Buttressing fears of head count reduction: remarks made earlier this week by Goldman President Gary Cohn, who admitted the current trading environment is tough and could lead to job cuts.
Source: Fox Business
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