Goldman, Credit Suisse to cut about 2,000 jobs

Goldman, Credit Suisse to cut about 2,000 jobs

www.reuters.com

NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) and Credit Suisse Group (CSGN.VX: Quote, Profile, Research) 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.

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Well, at least their targeting the poor performance employees rather than just taking it out of the middle. I wonder if it will be anyone in upper management?

Citigroup is cutting 4500. Sprint-Nextel is cutting 4000 jobs. Wonder if we'll see the correlation in the unemployment figures?

www.reuters.com
(visit the link for the full news article)

This is on top of the already jobs cuts that are link to the financial business.

They can sugar coated anywhere they want but what this all part of the down fall of the economy and the mortgage woes.

Is more to come I am afraid.

That is OK I imagine that Wal-mart will be very lucky to give jobs to the new wave of financial liked unemployed.