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View the article online at http://citywire.co.uk/wealth-manager/article/a620804

Bank glooms deepens as Goldmans axes 100 partners

by Dylan Lobo on Sep 24, 2012 at 07:56

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.

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