Goldman Sachs Fires 150 Investment Bankers
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Goldman Sachs Group Inc. said it has axed 150 investment bankers due to a sluggish environment for deals, joining a long list of securities firms cutting staff.
Weak stock markets are cutting into investment banking revenue, especially as fees for helping companies to sell stock dry up with few initial public offerings. Rivals such as Morgan Stanley, UBS Warburg and Credit Suisse First Boston have laid off workers amid the weak conditions.
Goldman’s job cuts were across the board and included some senior, highly paid bankers at the managing director level, a company spokesman said.
Goldman shares fell $3.99 to close at $99.30 on the NYSE.
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