Goldman Sachs to layoff 98 bank employees in New York

NEW YORK (Reuters) – Goldman Sachs Group Inc plans to lay off nearly 100 employees in New York in the coming months, according to a filing the bank made with New York state that was made public on Monday.

The 98 employees are being let go for “economic” reasons and their final day will be between May 29 and Sept. 28, according to a Worker Adjustment and Retraining Notification that the bank filed with the New York State Department of Labor on Feb. 19.

It was not immediately clear in what division of the bank the employees worked, but they have all been notified about the layoffs, according to a source familiar with the filing.

Goldman Sachs is known for an annual all-staff review in which the bank fires around 5 percent of employees for reasons like missing performance targets. The bank has said that this allows it to make new hires.

The bank employs around 36,000 people worldwide.

Goldman Sachs reported a 13 percent slump in first-quarter revenue earlier on Monday. Declines in trading, underwriting, investment management and investing and lending revenues all contributed to the bank missing analysts’ expectations.