It’s not a good time to be a Goldman Sachs trader

Commentary, News

lloyd blankfein

Goldman Sachs has slashed 10 percent of its debt traders so far this year — a total that’s grown amid rough bond markets and plummeting revenue, The Post has learned.

Lloyd Blankfein’s bank had already axed about 7 percent of its bond traders recently. The last group of traders left on Thursday, a source said.

The cuts are especially deep for the bond-trading powerhouse. During April’s first-quarter earnings call, Chief Financial Officer Harvey Schwartz said head count in fixed income, commodities and currency trading, which includes debt, was down 10 percent since 2012.

That unit, called FICC, saw a 47 percent annual decline in revenue for the first quarter. Total profit was down 60 percent during that time, one of the worst quarters since the bank went public in 1999.

Tiffany Galvin, a spokeswoman, declined to comment.

Read this article in its original format at The New York Post


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