More than $1 billion is spent by Wall Street banks on severance costs amid sharp job cuts

More than $1 billion is spent by Wall Street banks on severance costs amid sharp job cuts.

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Goldman Sachs, which has been particularly hard hit by a slowdown in trading and investment banking.

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The company revealed that it has spent more than $300 million on staff reductions.

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The bank revealed last month that it had slashed over 5,000 jobs.

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