Each year, Goldman culls underperformers across the company, with the percentage dependent on the performance of the business and future growth prospects.
The company notified staff in the securities division of the cuts this week, including those employees who deal with clients trading stocks, bonds and currencies, according to a person with knowledge of the matter. At an equities town hall on Monday before the cuts were announced, Jeff Nedelman, one of four execs running the business, spoke directly and frankly to those gathered.
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