Goldman Sachs To Lay Off 4,000

  • Goldman Sachs plans to lay off up to 4,000 employees – 8% of its workforce – early next year as it struggles to meet profitability targets.
  • Managers across the firm have been asked to identify low performers, with some cautioning that no final list has been drawn up.
  • Other Wall Street firms also are cutting staff, but the layoffs being contemplated at Goldman Sachs run much deeper than those occurring at Citigroup and Barclays.
  • In a typical year, between 2% and 5% of Goldman’s employees are laid off or receive no bonus — “zeroed out” in industry parlance, a clear sign to start looking for another job.