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Derivatives

Goldman Lays Off Equity Pros In U.S.

Goldman Sachs has laid off around a dozen equity derivatives traders and researchers in New York, said officials familiar with the firm. Industry observers are predicting more cuts in equity derivatives over the coming months as Goldman fights to reduce its staffing costs. Jeremiah Williams, an equity derivatives trader, was among the victims of the cutbacks, a spokesman at the firm confirmed. The names of the other staffers could not be determined. Williams could not be reached for comment.

What is surprising about the redundancies is that so far they have only seemed to hit the junior team members, noted one derivatives recruiter. By cutting so deeply into the firm's junior staffing pool, Goldman is creating a dangerous situation for itself, noted another official familiar with the firm. Goldman has traditionally filled many of its senior roles from within and reducing this talent pool may cause problems when markets rebound.

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