Goldman Sachs axes 1,000 jobs
Goldman Sachs axes 1,000 jobs

The Wall Street giant opened the flood gates for new bank layoffs when it acknowledged in July that it will be cutting 1,000 people (give or take a few) through the end of the year.

After a disappointing quarter, Goldman Sachs is hoping to reduce its expenses by $1.2 billion annually, and the job cuts are part of that effort.

"I mentioned the dollars first because we're much more focused on the dollars that the savings will create, than the number of heads," Goldman's CFO David Viniar told analysts on a conference call in July.

According to an official notice filed in New York state, at least 230 of Goldman's layoffs will come from its Manhattan office.



Last updated August 03 2011: 12:30 PM ET
Join the Conversation
Ivy League grad, no job

These young job seekers graduated into the worst labor market since the Great Depression.

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.