Posted on 09/24/2012 9:30:18 AM PDT by SeekAndFind
Banks continue to bear the brunt of the global economic crisis with Goldman Sachs the latest to scale back its workforce.
According to the Sunday Times, the investment bank is to make 100 of its partners redundant. The news comes after a number of major investment banks, including Barclays, Deutsche, UBS and Credit Suisse have announced job cuts over the last few months.
The move by Goldmans would cut the number of partners on its books by 20% with the firm’s chief financial David Viniar among those being shown the exit door, according to the paper.
In its interim results Goldmans issued earlier this year Goldmans said it wanted to cut expenses by $1.5 billion to $2 billion.
“Bear the brunt”???? Hey, Goldman Sachs is still in business with is better than a lot of businesses hammered by Obameconomy can say.
I have a very small musical device reserved only for these situations...
It looks like it's just supposed to fix the US election.
O barf. How about the tens of millions of unemployed around the world. A little brunt bearing going on by them too.
Funny.
My heart goes out to our Bankers. They have corrupted the whole financial system. Stolen the system blind while in bed with our pathetic ruling class. Lets shed a little tear for the partners at Goldman.
Wow. I thought that Goldman Sachs was the one firm that NEVER lost out.
ITA with you! Whatever suffering GS is going through is richly deserved. As you pointed out; the banks, especially GS bare the biggest share of the blame for the meltdown in ‘08. They and of course the government for repealing all of those laws that were put in place in the ‘30s to prevent this sort from happening again. I read that Hank Paulson actually locked a bunch of bankers in a room until they agreed to take the bailout money.
“Join us to celebrate at an Elizabeth Warren fundraiser at the South Boston William Jennings Bryan Club on Thursday, September 27.” /sarc
IOW more available for bonuses.
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