Investment bank Goldman Sachs is cutting more than a third of its HR staff.
The bank is undergoing a period of consolidation and has offered voluntary
redundancy to 800 HR staff worldwide. It intends to cut 300 HR jobs.
A spokesperson for Goldman Sachs explained that its HR team grew rapidly
over the last few years in order to support the company’s recruitment drive.
Globally the firm grew by 30 per cent during 2000-2001, with the headcount
growing by 42 per cent in Europe.
Graduates, MBA holders, and equity analysts are still being hired but the
company is no longer hiring in middle management, where the majority formerly
joined.
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The current economic slowdown is affecting the company’s investment banking
and equities functions, explained the spokes-person.
In total 850 positions worldwide are to be cut by the financial year end in
November, with many being based on the results of performance reviews. The
spokesperson said that overall headcount is unlikely to change from 24,000
employees.
