Wall Street Wielding the Ax

Banks Trim Ranks as Trading Wilts; A Hit to New York

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BY AARON LUCCHETTI AND LIZ RAPPAPORT

The trading slump on Wall Street has battered profits and is about to cost some people their jobs.

Credit Suisse Group AG started laying off investment-banking employees Tuesday, and the cost-cutting push could claim 400 to 600 jobs, according to people familiar with the situation.

This month, Barclays PLC has eliminated 100 jobs in its investment bank, including some stock-trading employees. The latest cuts are on top of 600 layoffs in January, a person familiar with the situation said.

And at Goldman Sachs Group Inc., the annual survival-of-the-fittest culling of 5% of the securities firm's employees won't be enough in ...

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