Goldman Sachs is cutting about 5% of the people in its sales and trading division, according to a person with knowledge of the matter.
Each year, Goldman culls underperformers across the company, with the percentage dependent on the performance of the business and future growth prospects.
At an equities town hall on Monday before the cuts were announced, a top equities exec told staff that he’d have zero tolerance for them if they didn’t buy into the culture of renewed collaboration that new CEO David Solomon is trying to instill.
Goldman Sachs is in the process of cutting roughly 5% of its sales and trading staff, as new CEO David Solomon conducts a review of the business and looks for ways to improve collaboration between the divisions.
The company notified staff in the securities division of the cuts this week, including those employees who deal with clients trading stocks, bonds and currencies, according to a person with knowledge of the matter.
Staff in commodities were told earlier this month. Bloomberg reported that at least 10 commodities employees had been fired.
Each year Goldman Sachs culls its underperforming staff to make way for new recruits and lateral hires. While the percentage each …read more
Source:: Businessinsider – Finance