Goldman Sachs has been firing traders again
Thomson Reuters
The US bank cut 30 traders and salespeople across equities and fixed income in New York earlier this week, according to a person familiar with the matter.
It's the latest round of cuts at the US bank. It cut staff in its securities business in May, and earlier this month filed to lay off nearly 100 employees in New York.
A spokesman for Goldman Sachs declined to comment.
The cuts come at the end of a tough first half for investment banks. The first quarter was especially weak, and while the second quarter has been better, the conditions still aren't all that favorable.
Jefferies described the markets as "merely stable versus robust" when it reported revenues for its fiscal second quarter, ending May 31.
Separately, Eric Kramer, a managing director in high-yield credit sales at Goldman Sachs, has decided to leave the bank, according to people familiar with the matter.
Kramer was named managing director in 2013, and is a long-serving and well-regarded member of the credit sales team.
The layoffs and Kramer's departure follows the news earlier this week that Joseph Mauro, the head of fixed income, currencies, and commodities European hedge fund sales at Goldman Sachs, has left.
The departure is the latest from Goldman Sachs' fixed income business. Goldman Sachs' cohead of global fixed income, currency, and commodities sales, Dalinc Ariburnu, recently left the bank. Jim Esposito, who was recently promoted to chief strategy officer of the securities division, has replaced Ariburnu while also continuing in his strategy role.
Goldman Sachs' global cohead of sales, Tom Cornacchia, has been surprisingly blunt about a shift in the fixed-income division that is causing some "awkwardness" and "friction."
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market