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Goldman Sachs to lay off 230 employees

business Updated: Jun 30, 2011 13:57 IST
AFP
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US investment banking giant Goldman Sachs will lay off around 230 employees for "economic" reasons, according to a notice submitted to the New York State Department of Labor.

The employees, who represent less than one% of the company's 34,500 worldwide staff, will be dismissed between September 26, 2011 and March 31, 2012, according to a copy of the notice posted on the department's website.

New York state requires companies employing more than 50 salaried workers to notify authorities 90 days in advance of major layoffs.

Goldman referred to the action as a "plant layoff" in the notice.

The premier Wall Street bank, which became synonymous with the 2008 financial crisis and the target of outrage over lavish executive pay, has since pledged a new era of transparency and commitment to customers' interests.

As the US economy tanked that year, Goldman was widely blamed for pushing risky mortgage-based securities on clients and later profiting heavily by betting against those products.

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