More layoffs coming to Goldman Sachs - Sales and trading unit to lose about 10% of its staff

[LiberalArkie]

Goldman Sachs Group Inc. is trimming additional staff from its sales and trading division, people familiar with the matter said, marking another wave of cost cuts for the Wall Street firm as it wades through a slump at some of its key businesses.

The cuts are on top of those made earlier this year and signal difficult trading conditions could be continuing into the second quarter from a tough first period.

While Goldman GS, -0.43% annually sheds about 5% of its workforce in part to make room for new employees, the 2016 exercise saw deeper cuts than usual in a number of businesses, including fixed-income trading.

With the new cuts, the firm’s debt-trading business will have shed several hundred people, and roughly 10% of its staff, this year, the people said. Before this latest round, the firm’s fixed-income group had cut about 8% since the beginning of the year.

Snip

http://www.marketwatch.com/story/more-layoffs-coming-to-goldman-sachs-2016-05-05

[TheCowsCameHome]

1. Paying out exhorbitant speaking fees is killing them,

but they must think it will reap benefits after November.

[Matt_in_STL]

2. Frees them up for jobs in the Clinton administration

[Lochloosa]

3. I don't think a layoff from GS has the same meaning as Bob's Electric.

[cureautismnow]

4. Do we need to bail them out AGAIN?! n/t

[glowing]

5. It's laying people off to make room for new employees?

So, someone is making too much in middle management, and a whole new set of hungry, newly graduated college kids who will work twice as hard for half the pay will enter into their employment rolls... Am I reading that right? BTW, who are "the people"? And layoffs in fixed income? Does that mean less people have money in retirement investments? Or does that mean people don't trust GS, no mater what sales people are doing, to invest their retirement plans?

[INdemo]

6. Hillary must be costing them more money than expected