Goldman Sachs plans deeper cost cuts (1,700-3,000 job cuts)

[OhioChick]

Source: The Telegraph

Tuesday 27 September 2011

he Wall Street bank is bracing itself for third quarter earnings expected to see investment banking and M&A follow the recent drop in revenues seen at divisions such as sales and trading.

Goldman is now working on plans for deeper cost cuts that could see up to staff cuts of between 1,700 to 3,000 people, which could be announced on October 18 along with third quarter earnings.

The bank has already announced 1,000 job cuts, which equate to about 3pc of its work force, as part of a $1.2bn cost cutting programme to be wrung from its operations by mid-2012.

But with crashing stock markets, the European debt crisis, an economic slowdown in the United States, and a raft of regulatory changes expected to crimp future profits - senior executives are thought to have gone back to the drawing board to outline further reductions.


Read more: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8791762/Goldman-Sachs-plans-deeper-cost-cuts.html

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Goldman Sachs Draws Up Deeper Cuts

Published: Tuesday, 27 Sep 2011 | 4:39 AM ET

Goldman Sachs, bracing for what could be one of its worst quarters since it went public 12 years ago, is preparing to expand its cost-cutting initiative by hundreds of millions of dollars, a move that could lead to additional job losses at the Wall Street bank.

http://www.cnbc.com/id/44681296

[bongbong]

1. Hmmm...

Sounds like the pirates have enough loot now, and they're pulling the ladders up.

The help: "Wait, we helped you make those billions! Don't you have any loyalty to us?"
The boss: "Uhh, no. We have loyalty, but it's only to ourselves! Uhhh, you know whose fault this is? LIBERALS!!!"

[tcaudilllg]

2. More marchers outside their offices.

[saras]

3. I can't really say I have any sympathy for THESE newly unemployed...

If you get paid money to help do something, you are responsible for the thing you're helping to do. What's so hard to understand about that?