Goldman Sachs to Slash 1,000 Jobs as Revenues Slow

Goldman Sachs Group, one of Wall Street's largest employers, plans to cut about 1,000 jobs as part of a $1.2 billion cost-cutting measure, the company said Wednesday.

The job-cuts announcement followed Wednesday's release of Goldman's second-quarter earnings, which showed that revenues derived from the trading of currencies, debt and commodities fell 63 percent -- more than twice the drop recorded by Goldman's rivals, Bloomberg News reported.