Bloomberg News

Goldman Sachs Said to Cut Administrative Jobs in the U.S.

June 28, 2012

Goldman Sachs Group Inc. (GS:US), the fifth- biggest U.S. bank by assets, eliminated several dozen jobs to pare expenses in the U.S., according to a person familiar with the matter.

The cuts affected positions in New York, New Jersey and Salt Lake City, Utah, according to the person, who wasn’t authorized to comment and asked for anonymity. Another person with knowledge of the matter said the reductions affected administration and other jobs that don’t produce revenue.

Wall Street firms are targeting expenses as trading slows and new regulations pinch profit. Goldman Sachs employed 32,400 people at the end of March, down 8 percent in 12 months. Reuters reported the cuts earlier.

Goldman Sachs is scheduled to report its second-quarter earnings on July 17. The New York-based firm will probably show profit (GS:US) of $1.46 a share, down from $3.92 in the first quarter, according to the average estimate of 25 analysts surveyed by Bloomberg.

Earlier this month, Goldman Sachs cut fewer than 50 jobs to trim expenses, a person familiar with the matter said at the time.

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

To contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net; David Scheer at dscheer@bloomberg.net


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $172.87 USD
    • -2.89
    • -1.67%
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