Goldman Sachs is to lay off around 3,300 staff worldwide and around 600 in London

The planned reduction of the 33,000 staff by 10 per cent worldwide suggests around 600 of the 6,000 Goldman staff in London could lose their jobs.

Jobs in proprietary trading, structured credit, leveraged loans, prime brokerage, mergers and acquisitions and equity capital markets look vulnerable because of the sharp downturn in business suffered by all investment banks.

It was not clear today whether the planned 10% job cuts included or were on top of the regular pruning of the workforce by 5%, which Goldman conducts at the start of each year to weed out what it regards as weaker staff.

The Times

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