Posted on 01/26/2008 1:46:01 AM PST by TigerLikesRooster
Goldman Sachs set to cut 1,500 jobs
Reuters
Friday, January 25, 2008
LONDON — — U.S. investment bank Goldman Sachs plans to release about 5 per cent of its global work force in coming months, a company spokesman said on Friday.
Details of the cuts, which are set to take place across the bank's departments, are set to be announced by March, said the spokesman, adding this is part of the normal employee evaluation process.
“We conduct performance reviews every year and this is part of that process,” said the spokesman.
Goldman Sachs employs about 30,500 people worldwide, meaning the cuts would represent about 1,500 employees.
The spokesman added the bank is continuing to hire.
No wonder these jerks forecast a recession, they’re in the doldrums themselves!
Abbey Hoffman —> Abby Joseph Cohen
Jack Welsh says that there are a bottom 10% in any organization who just need to go. I could pick 5% of any workforce I’ve been with who we wouldn’t miss. Just don’t exclude uper level.
In general, however, it’s not those bottow performers that get canned. Instead it is done based on internal politics.
What kind of bonuses did they give out this year to the big boys?
My guess is that this is going to be (very) small potatoes compared to what the rest of Wall Street lays off.
“Goldman Sachs plans to release about 5 per cent of its global work force”
NOT US jobs... not exclusively!
LLS
Hopefully they will fire Richard Steel before the stockholders get hit by the PR backlash from the Duke Lawsuits.
I thought Goldman didn’t get hit with the subprime mess...
Now that those new derivatives are junk paper (and originally junk)...the jig's up and there's no longer need to track those numbers that were written down?
It’s been estimated that brokers and traders on The Street were paid a record $38 billion in bonuses in December.
They didn’t, in fact they posted record profits by shorting subprime cdos.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.