Report: Goldman Begins Cutting 3,200 Jobs

The Associated Press is reporting that Goldman Sachs, alma mater of Treasury Secretary Hank Paulson and bailout manager Neel Kashkari, has begun notifying some 3,200 employees they will be let go.

The cuts represent a little less than 10 percent of the workforce of Goldman, considered the strongest of the (remaining) Wall Street banks.

There are a lot of laid-off money managers, bankers and analysts on the job market, thanks to the ongoing financial crisis, with more to come.

Earlier today, New York Mayor Mike Bloomberg predicted that his city will lose 140,000 jobs by the end of the fiscal year, which is June 30. Many of those job cuts will come not only from the downsized financial sector but from those that service it, from caterers to shoeshine boys.

-- Frank Ahrens

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