first_imgRelated posts:No related photos. Investment bank Goldman Sachs is cutting more than a third of its HR staff. The bank is undergoing a period of consolidation and has offered voluntaryredundancy to 800 HR staff worldwide. It intends to cut 300 HR jobs. A spokesperson for Goldman Sachs explained that its HR team grew rapidlyover the last few years in order to support the company’s recruitment drive.Globally the firm grew by 30 per cent during 2000-2001, with the headcountgrowing by 42 per cent in Europe. Graduates, MBA holders, and equity analysts are still being hired but thecompany is no longer hiring in middle management, where the majority formerlyjoined. The current economic slowdown is affecting the company’s investment bankingand equities functions, explained the spokes-person. In total 850 positions worldwide are to be cut by the financial year end inNovember, with many being based on the results of performance reviews. Thespokesperson said that overall headcount is unlikely to change from 24,000employees. Comments are closed. Previous Article Next Article Goldman Sachs cuts its HR by a thirdOn 31 Jul 2001 in Personnel Todaylast_img read more