Report: Goldman Sachs to cut about 10 per cent of workforce

Business Materials 23 October 2008 15:48 (UTC +04:00)

Goldman Sachs Group Inc plans to slash its workforce by about 10 per cent - or about 3,300 jobs - as a consequence of the financial crisis, reported the Wall Street Journal in its Thursday edition.

Such a move would mean that the financial crisis has hit an institution that has weathered the troubles relatively well so far. As other banks have had to accept buyouts or go under, Goldman Sachs has continued to book profits, reproted dpa.

The crisis threatens more than 10,000 jobs in New York's financial sector. Estimates say the city could face losses of between 10 per cent and almost 20 per cent of jobs connected to Wall Street, or tens of thousands of additional job losses.

Goldman Sachs employs about 32,500 workers.

It recently converted itself from an investment bank into a bank holding company to help raise capital to survive the crisis.