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.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.