Goldman Plans 230 Layoffs: NY Dept of Labor Notice


Goldman Sachs (NYSE:GS) may lay off as many as 230 employees, according to a filing with the New York State Department of Labor.

The filing dated June 29 cites economic reasons for the potential layoffs, which could begin in late September and extend through March 31, 2012.

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State law requires that businesses with 50 or more employees notify the Labor Department when significant layoffs are planned. In the filing, the job losses are described as a plant layoff.

The filing doesnt say from what areas of the investment bank the 230 jobs might be eliminated.

A Goldman Sachs spokesman declined to comment.

A report in The Wall Street Journal on Wednesday noted that several big Wall Street banks have already started laying off employees because trading volume is light amid the rough economic landscape.

The report said Credit Suisse Group (NYSE:CS) and Barclays (NYSE:BCS) have already cut jobs and that Goldman is likely to cut beyond the usual 5% of its employees who are dismissed from the ranks annually.

Goldmans shares rose $3.27, or 2.53%, to $132.43 on Wednesday.

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