Goldman Sachs staff in Asia let go as global jobs cull begins
Al JazeeraUS investment bank is embarking on a sweeping cost-cutting drive expected to cost thousands of jobs. Staff at Goldman Sachs are bracing for news on whether they will keep their jobs, as the United States investment bank begins a sweeping cost-cutting drive that could see its 49,000-strong global workforce shrink by thousands. The long-anticipated jobs cull at the Wall Street titan, expected to represent the biggest contraction in headcount since the financial crisis, is likely to affect most of the bank’s major divisions, with its under-fire investment banking arm facing the deepest cuts, a source told the Reuters news agency this month. The cuts began in Asia on Wednesday, where Goldman completed cutting back its private wealth management unit and let go of 11 private bank staff in its Hong Kong and Singapore offices, a source with knowledge of the matter said. About eight staff were also laid off in Goldman’s research department in Hong Kong, the source added, with layoffs ongoing in the investment bank and other divisions.
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