Goldman Sachs closing Monaco office

Goldman Sachs is to close its private wealth management office in Monaco…

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The New York-based company has decided to liquidate its Monaco-based société anonyme monégasque, which has been going by the name Goldman Sachs (Monaco), following an extraordinary general meeting last month, according to the Journal Official de Monaco, the Principality’s official government bulletin.

News of the closing of Goldman’s Monaco office emerged a day after the company announced 55 jobs are set to go at its New York offices, which press reports said will push the total number of positions axed by the investment bank thus far this year to more than 400. About half of the latest set of jobs are said to be in Goldman’s securities unit.

Bloomberg said on Monday that Goldman Sachs has been reducing staff “as it seeks to weather a slump in trading and deal-making”. Globally it had some 36,500 total staff on its global payroll as of March 31.

SOURCES: Journal Official de Monaco, internationalinvestment.net, Bloomberg

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