Big Cuts Are Coming to Goldman Sachs – News Today January 11 … – NNN NEWS NIGERIA

The firm’s chief executive, David Solomon, has given the task of determining which divisions will be affected to a chief lieutenant.

By Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni

Job cuts have begun at Goldman Sachs. A wave that’s expected to grow to as many as 3,200 layoffs, one of the largest by the bank since the 2008 financial crisis, started on Tuesday, including at its premier equity capital markets division, sources told DealBook. More across-the-board cuts are expected to be announced on Wednesday.

They may be the biggest cuts on Wall Street — an unusual situation for the elite bank, which has struggled for months to revamp its operations and stem a fall in its stock price. They’re also part of an expansive effort to review and cut costs across the firm, The Financial Times reports. It’s a tall task that has fallen in large part on Ericka Leslie, Goldman’s chief administrative officer, in close…

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