Goldman Sachs starts staff cull

Goldman Sachs has begun a new round of staff cuts in its trading and investment banking divisions, three sources familiar with the matter said, a sign of a continued penny-pinching at the biggest banks. The job cuts follow 2,400 positions Goldman eliminated last year. The latest round of cuts is part of Goldman's annual culling process in which the company fires employees who miss performance targets or can be replaced with technology or less expensive staff. Recent staff reductions have been less drastic than the culling Goldman performed in March 2011, when five per cent of its trading staff was let go.