Goldman Sachs to Cut Staff 10%

Restructuring bank will trim 3,000 employees
By Jason Farago,  Newser Staff
Posted Oct 23, 2008 7:39 AM CDT
The headquarters of investment firm Goldman Sachs towers over smaller buildings in New York in this Dec. 11, 2006 file photo.   (AP Photo/Mark Lennihan, File)
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(Newser) – Goldman Sachs will cut almost 3,300 jobs, or about 10% of the bank's total staff, an insider told Reuters today. Although Goldman has weathered the credit crisis better than its competitors, its transition from an investment bank to a traditional enterprise means that it will have to obey stricter regulations and take fewer risks. The bank had no comment.