Tough markets.(Barclaycard lays off 25% of staff; Goldman Sachs may postpone its IPO)(Business This Week)(Brief Article)

Economist (US), The, September, 1998

Barclaycard is to cut a quarter of its workforce, more than 1,000 jobs, as it fights to cut costs and keep its leadership of Britain's credit-card market. Its market share has been eroded from 33% to 28% in five years as competition has intensified.

Goldman Sachs, the quintessential Wall Street investment bank, seems to have misread the market. To the disappointment of partners, it now looks as if it may have to put off its planned $25 billion initial public offering because of financial markets' volatile state. The bank's third-quarter pre-tax profits of $754m were down 19% on a year earlier.