DUBAI: Goldman Sachs Group has cut its Dubai-based workforce in line with a 10% global reduction in staff to save costs, a bank official said yesterday.
A Goldman spokesperson told Zawya Dow Jones that the layoffs in the bank’s Dubai International Financial Center offices were part of its global strategy. They declined to give the exact numbers of the Dubai job cuts.
The cuts began three weeks ago, the spokesperson confirmed by phone.
The bank said in late October that it planned to cut 10% of its 32,569 employees worldwide, representing layoffs for about 3,260 workers.
Goldman Sachs is one of a number of US investment banks, including Morgan Stanley, Merrill Lynch & Co and JP Morgan Chase & Co that have built regional offices in Dubai to tap demand for financial services in the oil-rich Persian Gulf.
The bank, which got its DIFC licence in August 2006 and opened its office in June last year, is currently arranging a $350mn syndicated loan to DIFC Investments, the investment arm of the Dubai International Financial Centre, to repay a loan that matures end of this week. Zawya Dow Jones |
