Why Goldman Sachs needs to cut MDs (and partners)

Posted by PSR_AXP 4 mths ago

If the Financial Times is right, Goldman Sachs' newly impending 250 job cuts will impact the firm's managing directors (MDs) more than anyone else.

There are likely to be several reasons for this. As we pointed out this morning, each MD is likely to cost the firm at least $1.5m. In a market where deals remain thin on the ground and M&A and debt underwriting revenues were down 27% and 32% year-on-year respectively in the first quarter, removing them is the obvious way to save money fast.
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