Goldman, Citigroup Said to Be Cutting Asia Roles

The transcript discusses recent job cuts at Goldman Sachs and Citigroup, focusing on the economic pressures leading to these reductions. It highlights the impact on Wall Street banks, particularly in investment banking sectors like mergers and acquisitions and equity capital markets. The discussion also covers the short-term costs associated with severance packages and Citigroup's financial outlook, including potential expense increases due to these layoffs.

What is the primary reason for the job cuts at Goldman Sachs and Citigroup?

• Expansion of equity capital markets

• Increase in stock sales

• Pressure on revenue from stock sales and mergers

• Growth in deal-making activities

How many deal makers at Goldman Sachs are expected to be affected by the job cuts?

• 20

• 15

• 9

• 30

What global trend is affecting Wall Street banks, as mentioned in the second section?

• Increase in mergers and acquisitions

• Decline in global deal-making

• Expansion of banking operations in Asia

• Rise in stock market investments

What is the estimated increase in Citigroup's expenses due to severance packages?

• $800 million

• $600 million

• $400 million

• $200 million

According to Citigroup's CFO, how many jobs are tied to the severance packages?

• 1200

• 1600

• 800

• 2000