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WASHINGTON - GOLDMAN Sachs Group Inc. plans to slash 10 per cent of its workforce of 32,500 employees, in the latest sign of US economic woes resulting from the credit crisis, the Wall Street Journal said on Thursday.
The cuts were expected 'throughout the New York-based company,' the newspaper said citing people familiar with the matter.
In Sept, tycoon Warren Buffett's Berkshire Hathaway agreed to buy five billion dollars of stock in the Wall Street bank which, along with investment bank rival Morgan Stanley, has converted to a bank-holding company amid the worsening financial crisis.
'The downsizing wave is likely to get worse on Wall Street in the next several months, from securities firms to hedge funds,' the Journal said.
Among the planned job cuts are Barclays PLC, which plans to eliminate at least 3,000 US jobs, and thousands of jobs at Merrill Lynch & Co. due to the firm's impending takeover by Bank of America Corp.
Merrill has already cut five per cent of its workforce this year, and some 75 workers were cut this week from its Asian fixed-income and equities trading desks as part of a global reduction of 500 trading jobs, the report said. -- AFP
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