Further job cuts are to be implemented at a major US bank as it continues its restructuring process in the aftermath of the global downturn.
Goldman Sachs has begun another round of redundancies in both its trading and investment banking divisions the company seeks to cut costs and raise profitability, three sources have told Reuters.
Last year, the firm imposed 2,400 job cuts and the insiders indicated that while it remains unclear how many professionals will lose their positions this time around, more redundancies are inevitable as senior officials have formulated a plan to improve the bank's balance sheet.
The company's annual employee review process began two weeks ago and job losses form a significant part of management plans to save $1.4 billion this year in wage payouts.
One of the insiders commented: "As the business is consolidating and the volumes are going down and there's still this regulatory pressure, management is really looking at the new paradigm and seeing how many bodies are absolutely required for the business."
By Gary Cooper