(Bloomberg) — Goldman Sachs Group Inc. plans to eliminate more than 5 percent of traders and salespeople in its fixed- income business, cutting deeper into those operations than an annual cull companywide that has already begun, according to a person briefed on the matter.
The reductions will affect less than 10 percent of the fixed-income workforce, said the person, who asked not to be identified discussing personnel matters. The firm filed a list of 43 workers with the New York State Department of Labor last month, alerting the agency to the first round of companywide cuts.
Goldman Sachs typically eliminates the bottom 5 percent of performers around this time each year to make way for new hires, but it sometimes exceeds that amount. The firm was considering cutting deeper in its fixed-income business in this years round amid an industrywide revenue slump, a person familiar with the deliberations said in January.
Goldman Sachs said in its filing that the dismissals would officially occur between May 9 and July 1, according to a document on the states website. Workers will be informed in conversations throughout this month and into April.
To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net
