2 July, AtoZForex - Goldman Sachs, a major US investment bank, continues to cut its workforce. As another round of Goldman Sachs layoffs has been reported this week, with 30 traders and salespeople fired across its New York's equities and fixed income departments. Before the impact of the Brexit vote on Goldman Sachs, which left the bank with a $103.9 exposure, the bank was reported to be undergoing a tumultuous period. Considering that in May the bank already laid off the staff in its securities business, while earlier in June around 100 employees working in New York were cut off.
Why is there another round of Goldman Sachs layoffs?
It is not a coincidence that the American investment bank and institutional securities firm, Jefferies reported that the markets are "merely stable, let alone robust". As Goldman Sachs has declined to comment on the rounds of layoffs, the market expects that the recent layoffs are the result of the financial difficulties the sector has experienced in the first half of 2016. Despite, the second quarter improved after a weak first quarter, the market conditions are far from favourable.
Who is next to leave the company?
Earlier this month, Dalinc Ariburnu decided to leave the company. His position as Co-Head of Global Fixed Income, Commodities and Currency Sales was taken over by Jim Esposito. Remarkably, Esposito got recently promoted to Chief Strategy Officer of the securities division. Therefore, he is heading the two positions Co-Head of Global Sales and Chief Strategy Officer at the same time.
Meanwhile, the latest round of Goldman Sachs layoffs included a few more key employees. One of them is Joseph Mauro, who is the Head of Fixed Income, Currencies, and Commodities European Hedge Fund Sales at Goldman Sachs. He decided to leave the bank at the start of the week, not knowing that more would follow him in the course of the week. Such as Eric Kramer, who has been the Managing Director in High-Yield Credit Sales of Goldman Sachs since 2013. Mr. Kramer also decided to leave the bank, amid another round of Goldman Sachs layoffs.
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