Goldman Australia unit may cut up to 5% jobs: Source

SYDNEY: Goldman Sachs JB Were, the Australian arm of investment bank Goldman Sachs, may cut up to 5 per cent of its workforce this year, a source familiar with the matter said on Wednesday.

The source said the bank, ranked among Australia's top brokers and mergers and acquisition advisers, would cut a small number of staff this week in its Sydney office, with more cuts possible over the year.

Goldman Sachs JB Were employs about 1,300 people, of which the vast majority are in Australia. It has a small number of staff in New Zealand, the UK and the US.

The company, 45 per cent owned by Goldman Sachs and 55 per cent owned by a group of equity partners, on Wednesday appointed Simon Rothery as co-chief executive, replacing Craig Drummond who is leaving in May.