Goldman is cutting higher up the food chain

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A Goldman Sachs sign on the floor of the New York Stock Exchange.

By Roland Jones

Facing the prospect of a rough summer in the markets, Goldman Sachs is cutting headcount -- and it?s looking further up the food chain to make those cuts, according to a report.

Last week the company laid off about 50 people, including managing directors on the higher end of the bank?s pay scale, according to The New York Times. Managing directors at Goldman make a base salary of $500,000 and receive an annual bonus that can climb into the millions of dollars, the newspaper said.

Goldman has slashed 9 percent of its work force, or 3,300 people, in the last year as it struggles with lackluster markets and new regulations. The fifth-largest U.S. bank by assets employed 32,400 at the end of March, down from 35,700 at the end of 2010, according to the New York-based bank?s latest annual report.

Major Wall Street banks such as Goldman are cutting positions as they face challenges to growth, including the fallout from Europe?s debt woes.

U.S. stock prices are sinking amid signs of a global economic slowdown. If markets don?t pick up, it is almost certain that Goldman will make additional job cuts later this year, the Times said.

Shares of Goldman were lately up 1 percent at $92.

Goldman?Sachs did not respond to a request for comment.

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