Goldman Sachs Fires 30 From Equities Unit
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Goldman Sachs Group Inc., the third-biggest securities firm, fired about 30 employees from its U.S. equities unit, including Managing Director Van Hutcherson, as declining stock commissions force Wall Street firms to cut staff.
“This is the result of a review we carry out every year to ensure that we have the best possible team focused on meeting our clients’ needs,” Goldman spokesman Ed Canaday said.
Equity research, sales and trading are fading as securities firms focus on markets in which they can make more money, such as high-yield debt. Goldman cut about 50 equity traders and sales executives a year ago.
Among the people Goldman fired were sales traders, who help manage relationships with institutional investors and other clients, and employees involved in clearing trades.
Hutcherson worked at Goldman’s Chicago office. The remaining employees were based in New York.
Shares of Goldman fell 44 cents to $112.27 on the NYSE.
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