Feeds

Goldman Sachs to sack 10 per cent of workforce

Gives LinkedIn $22.7m

Intelligent flash storage arrays

Another sign less funding will be flowing through Silicon Valley: Goldman Sachs getting ready for some serious belt-tightening.

The financial firm today said it plans to cut 10 per cent of its 32,569 employees worldwide. That should mean layoffs for about 3,260 workers.

Goldman Sachs is widely considered to have navigated the credit crisis better than other banks. Last August, it insisted headcount would rise by a single-digit percentage this year.

Now mergers have come to standstill and there hasn't even been an initial public offering in 11 weeks. The Wall Street Journal reports the layoffs reflect weakness in investment banking and trading.

The firm recently transitioned from independent investment firm to a holding company supervised by the Federal Reserves. That potentially gives Goldman more stability, but also encourages taking less risks.

Perhaps somewhat encouraging for tech entrepreneurs is Goldman's participation in a $22.7m round of funding for business-oriented social networking site LinkedIn. Other investors included SAP and McGraw-Hill.

LinkedIn CEO Dan Nye told the WSJ the company wants to "have the strongest balance sheet possible" to make acquisitions and other opportunities.

But keep in mind the funding closed before the market crashed last month. This could just be a last gasp before fundraising gets rougher. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.