Goldman Sachs (NYSE:GS) announced it will be beginning a new round of job cuts, starting as early as this week, Reuters reported.
The move isn’t unusual or unexpected for the company, which tends to clear out the bottom five percent of its workforce during this time of year, spread out over several divisions. While the company doesn’t expect the cuts to exceed that figure, some departments will suffer more than others.
Equities trading is one division that will likely be hit the hardest, as its performance is down by 7.2 percent so far this year. The Fixed Income department took a big hit last year, but improved performance recently will most likely result in a sub-five percent cut.
Officials with the company said that the cuts were routine and not apart of a larger cost-cutting plan…