Goldman Sachs to close Monaco office

Goldman Sachs to close Monaco office

Goldman Sachs is to close its private wealth management office in Monaco, International Investment’s sister publication, Investment Europe, has learned.

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 Officiel de Monaco, the principality’s official government bulletin.

Further details, including the number of people who have been employed in the office, weren’t immediately available.

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 reported on Monday.  

It said 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 31 March, Bloomberg said, citing a filing.

In April, the US Justice Department announced that Goldman had agreed to pay US$5.06bn to settle claims that it had misled mortgage bond investors in the lead-up to the financial crisis in 2007 and 2008. The settlement had been disclosed by Goldman Sachs in January.