Goldman Sachs to cut 10%, or 3,250, of its jobs

Goldman Sachs to cut 10%, or 3,250, of its jobs: Journal
By Robert Daniel

GS the New York investment bank, is readying a job cut of 10%, or 3,250 workers, people familiar with the matter told The Wall Street Journal. The paper reported that the move reflects weakness in investment banking and trading, even as Goldman avoided the mistakes that ruined Bear Stearns and Lehman Brothers. Last month, Goldman's chief financial officer, David Viniar, had said he expected the firm's work force to remain steady or rise through year's end, the paper wrote. But the credit crisis worsened and forced the cuts, the Journal reported. End of Story