Wall Street may be dead, but newspapers are deader. So says Goldman Sachs at least.
Investment Bank laid off 13 analysts yesterday, including star Bill Tanona. Via DealBook:
Goldman Sachs said Monday that it had laid off several equity analysts as it moved to cut costs and tighten its operations. Among those let go was William Tanona, Goldman’s financial services analyst, who covered large banks like Citigroup, as well as small investment banks like Evercore.
The move is part of Goldman’s plan to cut nearly 10 percent of its staff as it moves from being solely an investment bank to a bank holding company.
Financial services coverage, of course, was not the only one to feel the axe:
In large part, those Goldman analysts who were laid off appear to have been covering companies in areas where business has been weak and where there could be a lack of investor interest. They include businesses in diverse sectors including mattresses, alternative energy and newspapers.
Among the companies losing coverage are Agilent Technologies, Alcoa, Boston Scientific, Freeport McMoRan Copper and Gold, McGraw-Hill, Peabody Energy and Thomson Reuters.
Ironically, as Stacy-Marie Ishmael noted from her new NYC post, the loss of Tanona meant GS was unable to fight back yesterday after Barclays issued a note predicting GS would post its first loss since going public. GS shares fell 8.5 per cent yesterday, reaching their lowest value in five years. Tanona used to cover Lehman Bros. — the failed IB Barclays ate in September.
Goldman Sachs lays off 13 analysts – NYT Dealbook