The Financial Times reports that up to 70,000 Wall Street jobs could disappear by the end of November, with the worldwide number of layoffs in the financial sector reaching 150,000. That number will likely grow with additional reductions at Goldman Sachs Group Inc., according to the Bond Buyer.
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Goldman reportedly will cut as many as 30 municipal finance professionals, which is likely part of a 10% layoff the bank announced last month. The Bond Buyer confirmed that among the layoffs were New York vice president Frank Oh who is a general government and transportation banker, and vice president Robert Foggio, a housing banker. The report says that mostly senior public finance officials will lose their jobs.
According to Thomson Reuters, Goldman, the fifth-biggest municipal bond underwriter, has been the lead underwriter so far this year with 209 deals on $28.1 billion. - Gerald Magpily
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