Rivals snipe at Goldman results.

Financial News, June, 2002

Goldman Sachs offered little reason for investor optimism Thursday despite recording profits for the second quarter that easily beat Wall Street expectations.America's most influential investment bank made a profit of $563m ([euro]582m) in the second quarter, a slide of 2.4% from last time. Arch-rival Morgan Stanley earlier revealed a profit of $797m for the same period, down 14%.Chief financial officer David Viniar said Goldman has no additional layoff plans for 2002, provided its business improves by the end of the year or early in 2003.

Viniar said the company is comfortable with its current staffing levels. Goldman employed 21,145 people at the end of May, down 4% from the first quarter of 2002 and down 8% from last May.