Goldman Sachs just gave the axe to more traders

Goldman Sachs

Goldman Sachs handed pink slits to traders in its securities business on Thursday, according to insiders familiar with the firings.

Based on the new round of layoffs Goldman Sachs has now cut around 10% of its traders in the fix-income, currencies and commodities (FICC) business.

The news was first reported by The Wall Street Journal.

Goldman Sachs posted a pretty horrible first quarter with a decline of 37% in trading revenues versus the same quarter last year. FICC revenues also plummeted by 47%.

During the company’s first quarter earnings call Harvey Schwartz had this to say about more possible job cuts:

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.

Last month it was revealed that the co-head of global fixed-income, currency, and commodities sales team, Dalinc Ariburnu, would leave the bank.

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Goldman Sachs latest round of layoffs followers 130 people who lost their job at Credit Suisse his week. Those jobs were terminated at the company’s global-markets business in London.

With bonuses being cut down and layoffs across the board, it’s a rough time to be a trading in many markets around the world.

Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated. He can be reached at JeffSpringer@BusinessPundit.com