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Goldman job cuts hit investment banking, global markets hard -source

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Goldman Sachs began laying off staff on Wednesday in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said.

Last year was challenging across groups including credit, equities, and investment banking broadly, said Paul Sorbera, president of Wall Street recruitment firm Alliance Consulting. "Many didn't make budgets."The latest cuts will reduce about 6% of Goldman's headcount, which stood at 49,100 at the end of the third quarter.

A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. REUTERS/Brendan McDermid/File Photo About eight staff were also laid off in Goldman's research department in Hong Kong, the source added, with layoffs ongoing in the investment banking and other divisions.

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