Goldman Sachs (GS) To Cut 10% Of Its Workforce

Early this morning the Wall Street Journal reported that top investment bank, Goldman Sachs Group (NYSE: GS) is preparing to cut approximately 10% of its 32,500 employees.

These cuts show that this credit crisis is not only hurting the average bank, but even the mightiest when it comes to Goldman Sachs. Despite Goldman Sachs staying clear of what took down Bear Stearns and Lehman, Goldman is suffering with the slowed down investment bank environment and trading.

As recent as September, CFO David Viniar expected Goldman's head count to be flat or higher for the rest of the year, but since the credit crisis worsened, and now Goldman Sachs has to make cuts across the board.

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