Goldman Sachs Warning Of Lay Offs

Beleaguered investment bank Goldman Sachs GS is likely going to lay off around 230 employees according to the Wall Street Journal. The Wall Street house cited economic reasons for the move. In a notice dated June 29, Goldman said a "plant layoff" may affect those employees between late September and March 2012. Under state law, according to the New York Department of Labor website, businesses in the state that have 50 or more employees are required to provide 90 days notice before a "plant closing, mass layoff, relocation, or other covered reduction in work hours." The likely reason for the layoffs is a slowdown in Wall Street trading, which has been ongoing. According to the Journal article, equities volumes have been contracting over recent weeks and other banks such as Barclays BCS and Credit Suisse CS are also reducing headcounts. There have also been recent rumors swirling about big losses in Goldman's commodities unit last quarter, when the price of crude oil, silver, and other commodities plunged.