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'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

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'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

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Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for

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The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
FinanceGoldman Sachs Group

Goldman Sachs Is Planning Additional Staff Cuts

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Kia Kokalitcheva
Kia Kokalitcheva
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Kia Kokalitcheva
Kia Kokalitcheva
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March 25, 2016, 2:25 PM ET
U.S. Stocks Decline A Second Day As Investors Await Jobs Report
Goldman Sachs Group Inc. signage is displayed on the floor of the New York Stock Exchange in New York, U.S., on Thursday, June 2, 2011. Photograph by Bloomberg via Getty Images
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Goldman Sachs is gearing up to make some job cuts this year.

The investment bank amended an earlier notice filed with the New York State labor department, expanding its planned job cuts from 43 to 109, according to the documents obtained by Bloomberg. The updated filing also extended the timeframe for the job cuts, which will not happen between May 9 and December 31 this year. Previously, they were slated to happen by July 1.

It’s unclear what types of roles will be cut, but both documents say the jobs will be eliminated for “economic” reasons, according to the report.

 

Goldman Sachs (GS) isn’t the only bank to slim down its ranks amid tighter regulations and decreasing profits. Earlier this month, Bloomberg reported that Goldman and Bank of America (BAC) are planning deep cuts in their fixed-income business. Usually, Goldman cuts about 5% of its totally staff every year to accommodate for new hires.

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