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Goldman increasing cuts to fixed-income operations

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Goldman increasing cuts to fixed-income operations

Goldman SachsGroup Inc. is further reducing its fixed-income staff with job cutsexpected to go beyond those previously targeted, Bloomberg News said in a May 5 report thatcited "people with knowledge of the matter."

Managers have sought to cut the company's fixed-incomeoperation by up to 10% this year, more than double what Goldman typically setsaside for annual turnover, according to the report. The cuts this weekhave come in New York and London, the news outlet said.

The layoffs come amid sharply falling trading revenues atthe investment bank. Goldman saw such revenues slide 37% year over year in thefirst quarter.