Goldman Sachs is firing traders again

Goldman Sachs on Thursday made job cuts in its securities business, according to people familiar with the matter.

The cuts bring the headcount reduction in the fixed income, currencies and commodities business to around 10%, the people said.

The news was first reported by The Wall Street Journal.

Goldman Sachs cut staff in a round of redundancies earlier in the year.

Harvey Schwartz, CFO at Goldman Sachs, was asked if there might be more job cuts on the bank's first quarter earnings call. He said (emphasis ours):

In terms of other cost initiatives, I know there's been a lot of stuff in the press. I guess I would really summarize it as follows. I would just say we're shareholders and we're doing things that you would expect shareholders to do.

The Goldman Sachs news extends a miserable weak for investment banks. Business Insider reported Wednesday that Credit Suisse had fired about 130 people in the global markets business in London.

More to follow