Goldman Sachs Will Lay Off 230 Employees In New York City

Goldman Sachs Group Inc (GS.N) plans to lay off 230 employees in New York because of economic conditions, according to a state filing on Wednesday.

The layoffs will take place during the fourth quarter of 2011 and first quarter of 2012, the filing said.

Companies based in New York that have at least 50 employees are required to notify the state Department of Labor if they plan to reduce the local workforce by a significant number. They must file "WARN notices" 90 days ahead of the planned reductions.

Goldman and other large Wall Street banks have started reducing their workforces to cut costs amid the slowdown in economic and market activity. Several large Wall Street banks have begun laying off employees due to weak trading volumes and regulations that limit their ability to engage in certain activities, such as proprietary trading.

Goldman's New York layoffs represent less than 1 percent of its 35,700 employees as of December 31. Goldman is still hiring employees in growth markets like China, India and Brazil, President Gary Cohn said at a conference earlier this month.

(Reporting by Lauren Tara LaCapra, editing by Bernard Orr)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[elpaulo]

08:42 PM on 07/28/2011

public execution

[eyemjustsayin]

12:59 PM on 07/21/2011

Phew, glad goldman laid off people, who now go into the bottomless pit of unemployment. I sure would have hated to know the corporate fat cats weren't getting their millions of dollars in incentives. Now we can rest easy. Greed is alive and well.

[AcademicFreedom]

08:22 PM on 07/08/2011

The way of the tribe; weed out the goys.

[bola47]

04:55 PM on 07/01/2011

the executive suite needs more bonus money.

[bmattix]

02:31 PM on 07/01/2011

Step right up and get your very own "Goldman Sachs Must Die" t-shirt. Link is to the cheap shirt, but a full range of styles are available: http://www.cafepress.com/trustbust.551844339 -- be the first cool kid on your block with one!

[mikiao]

08:48 AM on 07/01/2011

Just think...if we grant a tax holiday, they'll probably bring back a job or two. You know, an extra pilot for the jet so they can fly to Brazil to 'check up' on things.

[MrOctober]

03:26 AM on 07/01/2011

There's a lot of Wall Street people who consider themselves important big shots, who make 250k + a year, who do not realize that the their jobs will be replaced by computers or people in Singapore or Hong Kong just as quickly if the CEO can boost the top executive bonuses.

[norepublicanleftbehind]

01:50 AM on 07/01/2011

Of course they will...labor is so much cheaper in Brazil--where they are hiring.

[TheRoosterman]

08:32 PM on 06/30/2011

Why these people have been allowed to stay in business is beyond me. I have zero faith in the system / government

[kenhamlett]

08:20 PM on 06/30/2011

First, we bailed them out. The, we increased their business "incentives." Then, we let them off with a wrist-slap fine for helping almost destroy our economy. To thank us, they are moving more and more operations overseas and laying off additional American workers. But, some will still tell us that we should continue to coddle them, since we have to depend on them to create jobs for our unemployed. Well, they've done a terrific job for us so far, haven't they? I simply do not understand why the President and the Congress are not pressing legislation to demand the return of relocated jobs and why the Justice Department does not take another look at this company's various illegal actions. They must be writing some heavy campaign contribution checks. Not that it does the rest of us -- or the country -- any good.

[knott wrench]

08:08 PM on 06/30/2011

Is there 230 Million Dollar "Golden Parachutes" pending or is there 230 people just going to get "Chump Change".

They helped slow the economy by Not releasing Money to Loan and the net effect, is a Slow Economy.

Goldman Sachs's result is a result of Kissing up to the "Kochtopus".

[imagery]

08:30 PM on 06/30/2011

You can bet that these are jobs in the lower eschalon. They have to reduce costs so they can pay their executives even larger bonuses. GREED AT IT'S FINEST

[ChicagoTom]

06:37 PM on 06/30/2011

Oh how nice - We bail out the banks with tax pay dollars, and the banks lay off Americans to buy cheap labor in India. So how can we pay off the debts we incurred bailing out these banks when there is no taxable jobs left. END THE FED.

[From the Raft]

05:31 PM on 06/30/2011

One day Wall Street will be as empty as the factories on Cannery Row and it can't happen soon enough!

[Mondayboy]

05:19 PM on 06/30/2011

let them eat cake

[Tammy Ashley]

03:20 PM on 06/30/2011

What a joke this is and the bigwigs over there will be literally laughing all the way to the bank and at the poor saps they claim they had to lay off.