Goldman Sachs Group Inc and Credit Suisse Group on Friday said they will cut about 2,000 job worldwide as a credit crisis puts a damper on fixed-income trading and corporate dealmaking. Goldman Sachs, the most valuable U.S. investment bank by market capitalization, plans to cut its global work force 5 percent, targeting the worst-performing employees. The reduction at Goldman, which employs about 30,500 worldwide, represents about 1,500 employees. The winnowing is something Goldman does every year, the company said. Credit Suisse said it will cut about 500 jobs, mostly in its investment banking operations.
See "Goldman and Credit Suisse to cut about 2,000 jobs", Reuters, International Herald Tribune, January 24, 2008