Goldman Delivers Pink Slips To Russian Staff

Goldman Sachs Group Inc GS has laid off staff in Russia following the company's weak first-quarter results and Russia's economic slowdown and Western sanctions over the Ukraine conflict, according to a report on Reuters.

Reuters said a source estimated Goldman was cutting over 10 percent of its Russian staff, and more cuts are expected by the end of the summer.

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"One source said Goldman had sacked traders, back office staff and investment bankers in the past few months. One Goldman stock trader was fired in May, a second source said," according to Reuters.

Reuters added that a source at Goldman said the U.S. bank was making job cuts across the world, but the Russian cuts were mainly in the investment-banking sector, as there is a lack of deals in that area.

A Goldman Sachs representative was cited as saying the cuts were "in line with cuts it has made across the firm globally."

At the time of writing, shares of Goldman Sachs were down 1.12 percent to $152.91.