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Goldman Sachs to reduce workforce by 10%

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by Kay Mitchell

US investment bank, Goldman Sachs, is to lay off over 3,000 staff worldwide with reports that 600 jobs could go in London.

It is understood the jobs could go in proprietary trading, structured credit, leveraged loans, prime brokerage, mergers and acquisitions and equity capital markets.

As with other financial institutions, Goldman has been hit by the global downturn, after it posted a 70% drop in third quarter earnings.

Goldman Sachs, together with Morgan Stanley, recently changed status and received regulatory approval to convert themselves into traditional bank holding companies.

Meanwhile last month, Berkshire Hathaway bought a stake in Goldman Sachs, as part of an injection of cash which will see the group raise $7.5 billion (£4 billion).

The investment vehicle, which is run by US billionaire investor Warren Buffett, came to an agreement to buy $5 billion of preferred stock in a private offering. The stock will pay a dividend of 10% and under the terms, can be re-purchased by the bank at any time at a 10% premium.

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News posted: October 23, 2008

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