Goldman Sachs begins notifying staff of job losses

Goldman Sachs today began notifying about 3,200 employees globally that they have lost their jobs, as the world’s biggest investment bank slashes expenses to ride out the financial crisis.

The job cuts, which were first reported last month, are a reflection of the ongoing downturn in the credit and lending markets that triggered massive losses for banks around the world.

The financial giant has a base in Upper Hatch Street in Dublin.

New York-based Goldman Sachs Group Inc. had been considered the strongest investment bank on Wall Street, and earlier this year had expected its payrolls to expand.

Positions will be cut across Goldman’s offices globally and among various business lines, and will bring the company’s staffing to 2006 and 2007 levels, a source said.

The company has not publicly disclosed details of the plan.