Goldman Sachs fired 10% of traders division of fixed-income assets


Moscow. January 14. Goldman Sachs plans to cut about 10% of traders in the unit operations with bonds, currencies and commodities, the newspaper The Wall Street Journal citing informed sources.

Annually by the end of the first quarter Goldman Sachs reduces its staff by about 5%, which opens up opportunities to recruit new employees. However, this year, according to sources, the investment Bank prepares a large-scale reduction of jobs.

Prospects of division of Goldman Sachs, carrying out operations with bonds, currencies and commodities, continued to deteriorate because of the introduction of new regulatory capital requirements of banks, as well as to the volume of risky operations of the financial institutions, the sources noted.

According to them, the overall reduction will not exceed 250 persons.

Many of the world’s largest banks had already reduced operations in the area of trade in fixed-income assets both in terms of number of jobs, and in terms of the volume of portfolios of these assets.

So, Morgan Stanley last month fired about 1.2 thousand employees, including 25% of traders division of fixed-income assets.

Chief Executive officer of Goldman Sachs Lloyd Blankfein in December last year confirmed that the investment Bank intends to remain a significant player in the business of trading of fixed-income assets.

Goldman Sachs will release its financial statements for the fourth quarter of 2015 next week. According to experts of Barclays, the investment Bank’s revenue from trading fixed-income assets decreased by 5% compared to October-December of 2014 to $1.1 billion.

Earlier, WSJ reported that Goldman Sachs has cut bonuses to employees of the unit of fixed-income assets, on average, by 10% by the end of 2015.