(Bloomberg) -- Goldman Sachs Group Inc (NYSE:GS). is cutting 10 staff in its commodities division as the bank reviews the footprint of the once-dominant unit, according to a person familiar with the matter.
The cuts represent about 5 percent of the unit’s staff and come as the division recovers from 2017, when it had its worst results since the bank’s initial public offering two decades ago.
Goldman is cutting seven trading jobs and three sales jobs in Singapore, London and Houston, the person said, declining to be identified because the matter is private. Some of the reductions are in metals and the bank is merging its base and precious metals teams.
A spokesperson for Goldman declined to comment.