A “dreaded bloodbath” has begun at Goldman Sachs, where 5 people from the equities desk and 6 from fixed income were laid off this week. Previously, at the end of February, 65 other New York traders and salespeople were laid off. The body count is expected to swell in the coming weeks, according to the New York Post, which quoted sources close to the bank.

Every year around March, Goldman and other banks begin their spring cleaning, typically slashing about 5% of their workforce as they weed out underperforming traders and bankers. However, some business units inside Goldman expect to see steeper cuts this year, particularly in fixed income. Goldman has a worldwide headcount of 36,600 employees.

The concern is that Goldman’s new chief executive, David Solomon – who previously headed the firm’s investment banking business – may take aim at the trading division, which has turned in several years of declining trading results. The terminations may also be part of Solomon's broader plan to boost revenue across the company.

[For additional details, click to access article in ... New York Business Journal.]