Bloomberg News

Goldman Sachs Tells New York State of Plan to Cut 230 Jobs

June 29, 2011

June 29 (Bloomberg) -- Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, plans to cut 230 jobs in New York, according to a filing the firm submitted to the state’s Department of Labor.

The positions, which weren’t identified, will be eliminated for economic reasons between Sept. 26 and March 31, today’s filing shows. David Wells, a spokesman for the company in New York, declined to comment.

Wall Street firms including Barclays Capital and Credit Suisse Group AG have begun cutting staff as they grapple with reduced revenue from trading stocks and bonds. In the past four weeks, 10 analysts have lowered second-quarter profit estimates for Goldman Sachs. The company is scheduled to report results on July 19.

Goldman Sachs employed 35,400 people globally at the end of March, 300 fewer than at the end of December. While the firm’s headquarters and biggest office are in downtown Manhattan, Goldman Sachs doesn’t disclose how many workers are based in New York.

The bank is doing most of its hiring in China, India and Brazil, President and Chief Operating Officer Gary D. Cohn told investors on June 2. He said that the company has hired “a lot of people” in Singapore and in Bangalore, India.

The New York State Workers Adjustment and Retraining Notification Act, known as the WARN Act, became effective on Feb. 1, 2009. The law requires private employers with 50 or more workers in New York state to provide 90 days’ notice of a plant closing, mass layoff, relocation, or reduction in work hours.

In a separate filing yesterday, Bank of New York Mellon Corp. notified the labor department of plans to start cutting 124 jobs in its treasury services operations lockbox. The cuts will take place in stages beginning July 1 and continue through March 31, the filing said.

The Goldman Sachs filing was reported earlier today by Dow Jones.

--Editors: William Ahearn, Peter Eichenbaum

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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