Goldman Sachs Layoffs To Number 3,200

Goldman Sachs notified roughly 3,200 employees this week that they have been laid off, part of previously reported plans to slash 10 percent of the firm's global work force amid slumping markets, Reuters reported, citing people familiar with the situation.

Two weeks ago, reports surfaced that Goldman planned to cut 10 percent of its staff, or almost 3,300 jobs, reflecting the weak economy and a cut back in proprietary trading. The cuts are an about-face for a company that as recently as September insisted its headcount would rise this year.

The latest cuts reduce headcount to the lowest since 2006 and hit every businesses and region.

Read the whole story here.

Comments

[mrcontinental]

Bet they are all republicans too.

[PT6]

How will Obama get us out of this CRISIS?


An Answer: HOMEOWNER Walk Aways and bankruptcies are Feeding the banks bad loans which are in turn wiping out the Banks ability to loan!

We do not need another stimulus as that had little effect!

Banks have a choice get 45% to 60% or get next to nothing!

But giving Homeowners a low interest loan to replace a 10% to 15% loan will give people lots of money to spend and stimulate the economy for months to come!

The only way to end this CRISIS is to stop the hemorrhaging of Home Mortgage Walk-Aways!

Every day we wait it gets worse as people walk and homes depreciate!

The best stimulus package is to solve that FIRST!

Technology can also help remove the Mortgage Company layer with automated loans from Fannie and Freddie and provide lower rates to stabilize the housing market!

[iambusto]

too much happiness at wall street crisis.

let us know how Detroit makes out tomorrow (friday) when GM/F announce earnings (err i mean layoffs)

[themodernleader]

It is a melancholy fact that the economy of our country has been so ballooned and brutalized by mad Kenysian managers that the entire economy is 80% services while a staggering 20-21% is the financial institution.
This economic collapse nothing akin to the 1929 collapse, contrary to what Fed Chairman Bernacke might implore. Then this country was chuck full of enterprise and factories and independent farms of every description. Now our GDP making up 20% of factories and agri-business is highly concentrated, monopolistic and owned and controled by a few individuals of enormous wealth.
Decison-making in 1929 was diffused and decentralized. Today's decision-making is concentrated on Wall Street and centralized in a few monopolistic organizations. Then decison making was with the average citizens in their daily lives. Now our capacity for decision-making from the bottom up has been fatally damaged.
Throwing more money into a deranged money machine that is Wall Street only compounds a problem that is literally destroying the economic sustenance of the once greatest economic system on the face of the earth.

[worldtraveller]

Goldman has always been an evil place.. Let them cannibalize one another.

[N2growth]

While I've witnessed numerous layoffs over the years, to the one they have been examples of poor executive leadership more than they have been a sign of the times. A contrarian position on layoffs can be viewed here: http://www.n2growth.com/blog/workforce-reduction

[sonoffestus]

There's going to be alot of nice boats and autos for sale next spring. Yeah, baby!

[electionisover]

Sure he can. You have heard of building a cabinet right?

You don't even know the source of the entire problem was Barney Frank?

[PT6]

The ROOT CAUSE is the "TRICK" Mortgage CRISIS not the Banks!

What can Obama do?

Bush is President and if he will step DOWN then Obama can implement change!

Otherwise, we are stuck with Bush until January 21, 2009.


Banks are NOT LENDING so it is time to stop the BAIL OUT!

If banks refuse to cooperate then lets stop this GIVE-AWAY!

The Banks must return the funds to the Taxpayers so we can Bail out the Homeowner Walking-Aways and Bankruptcies.

[lippp]

Now, if Hank Paulsen would only return, say, 400 million of his undeserved 500 million, perhaps he can save some of his past underlings the embarrassment of being unemployed and perhaps broke.

[JoeBlough]

Guess they can retire with their millions.

[iambusto]

i hope you guys will be jumping up and down when GM announces quarterly earnings and restructuring plans tomorrow huh :)

[darthdarcy]

The less to share the spoils with, just like a bunch of scurvy pirates..argh..!

[HurryUp1212009]

No sympathy whatsoever for these people...