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Goldman to Slash 10 Percent of Staff

A source says the bank holding company will fire 3,260 workers.

October 24, 2008
Related Topics: Termination, Workforce Planning, Latest News
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The Goldman Sachs Group Inc. is preparing to cut 10 percent of its workforce, or 3,260 workers, according to a source familiar with the matter.

In September, while Goldman’s staff was growing to a record size, CFO David Viniar said he expected it to remain the same size or increase this year.

However, the credit crisis has since deepened, forcing Goldman to make the job cuts.

Last month, Goldman and Morgan Stanley, both in New York, changed their status from investment banks to bank holding companies, making them subject to the rules by which traditional banks are required to abide and requiring them to maintain specific capital reserves.

On September 24, Goldman struck a deal with Warren Buffett to sell preferred and common stock to his Omaha, Nebraska-based Berkshire Hathaway Inc. investment holding company.

Filed by Aaron Siegel of Investment News, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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