Entries Tagged 'Investment Banking' ↓
November 6th, 2008 — Credit Crisis, Credit Crunch, Economy, Investment Banking, Investment Banks, Layoffs, Wall Street
Goldman Sachs Group [[GS]] notified about 3,200 employees yesterday that they have been laid off, part of previously announced plans to cut about 10% of the firm’s work force amid crashing financial markets.
Goldman has been letting people go left and right all year. The bank handed out hundreds of pink slips to its M&A support staffers and junior bankers back in June due to market conditions on the heels of a round of leveraged lending and mortgage securities layoffs in April.
Early in the year, Goldman also cut over 1,500 people following the results of their 2007 performance reviews.
October 30th, 2008 — Baltimore, Credit Crisis, Credit Crunch, Economy, Financial Services, Investment Banking, Investment Banks, Layoffs
Legg Mason Inc. [[lm]] announced yesterday that it will soon be cutting jobs.
The Baltimore company has not yet provided specifics on positions and numbers yet, but is busy trying to come up with about $120 million in cost savings.
A company spokesperson has been quoted in the press as describing the layoffs as “surgical” in nature, rather than a broad swath of Legg’s employees.
Legg Mason is Baltimore’s third-largest public company, and employed about 1,100 people as of January 2008.
Legg’s performance has come under fire from analysts and investors lately, and the company posted its first loss in 25 years in May. Its second quarterly loss came this past July as the credit crunch took hold, and it lost nearly $104 million in its fiscal second quarter, its third straight quarterly loss.
October 23rd, 2008 — Credit Crisis, Credit Crunch, Investment Banking, Investment Banks, Job Cuts, Layoffs, Market Crash, Wall Street
Goldman Sachs [[GS]] announced this morning that it will be laying off about 10% of its work force as the downturn in the credit and lending markets continues.
Goldman plans to hand out about 3,260 pink slips, which will reduce its work force from record high levels at the end of the third quarter.
Goldman Sachs made the change to a bank holding company last month as investors were nervous that a stand-alone investment bank model would no longer be viable.
With the new status of a bank holding company, Goldman Sachs will face increased regulatory scrutiny, which may likely force it to scale back some of its more leveraged and aggressive business entities.