Goldman Sachs netted only $1.09 billion for the quarter, which isn’t enough to please investors, spurring the company to shed 1,000 jobs. The trading-focused bank suffered a 63 percent drop in trading fees collected from the first quarter.
Bloomberg quotes an analyst who says the bank underperformed compared to its peers and felt the need to shift into cost-slashing mode. The bloodletting will thin out the company’s 35,500-strong workforce, which was up 100 jobs from the previous quarter.
The good news for those of you who happen to work for the company in India, Brazil and China is that the firm still plans rapid growth in those countries and won’t lay off workers in those parts of the world. The good news for American employees is nothing at all.
Goldman to Cut Jobs as Debt Trading Misses [Bloomberg]