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Goldman Sachs announces further job cuts

In addition to 1,500 job cuts since December 2007, Goldman Sachs Group is laying off an undisclosed number of employees in its mortgage and investment banking division amidst weakening business, reported Reuters.

Van Praag, spokesman of Goldman Sachs Group, was quoted as saying: Given market conditions, we have been looking at a number of areas of the firm where we believe we have too many people.

The company has, however, said that it plans to hire new people by the end of 2008.