Goldman cuts more than 200 in London
Goldman Sachs will today lay off about 250 European staff with most of the cuts coming in London, according to two people close to the situation, as part of a plan to slash 10% of its global workforce.
One source familiar with the matter said up to 220 employees in London would be told to leave their desks, and that today's redundancies would amount to about 4% of the bank's 5,500 staff in Europe.
A spokesman for Goldman Sachs said: "This is part of the overall headcount reduction previously announced."
The round of cuts, which comes amid a bleak outlook for the investment banking job market, is expected to fall across several divisions. The 10% level is thought to include the 5% of staff that Goldman trims each year to stay competitive.
Recent high-profile European departures from Goldman Sachs include Nick Weber, co-head of the European special situations group, who left last month. Several analysts have also left as the job cuts have deepened.
Goldman Sachs, which reportedly approached Citigroup over a potential merger as the credit crisis reached a critical stage in October, employs about 32,500 worldwide.
The US investment bank applied for bank holding status after the collapse of rival Lehman Brothers. It has considered various changes to its business model, including building its deposit base by launching an online banking venture.
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