Tech & Biz

10% of Employees Sacked At Goldman Sachs

by Jordan Yerman | October 23, 2008 at 09:26 am

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Wall Street stalwart Goldman Sachs is to lay off over 3,200 of their staff, or 10% of its employees, in order to trim expenses, though news of the move has negatively impacted GS's stock.

I have fond memories of the lush catering at their Maiden Lane building, but that was during the good ol' days of 2000.

The news worried investors who then traded Goldman's stock down 5.7%, or $6.51 cents, to $108.20, in late-morning trading in New York. Shares in the New York City-based company have traded between $250.70 and $74.00 in the trailing 12 months.

Previously:

Goldman Sachs Group Inc., the only firm among Wall Street's five biggest to remain profitable throughout the credit crisis, will shed about 3,200 workers, or 10 percent of staff, as the revenue outlook worsens, according to a person briefed on the plan who declined to be identified.

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