Morning roundup: Layoffs at Goldman Sachs; G7 leaders meet today

We’re committed to keeping you and your clients up-to-date with global industry news. Every morning, we offer articles from around the web. Here are a few:

Layoffs at Goldman Sachs

Have you heard about the layoffs at Goldman Sachs? If you answered no, you’re not alone.

Sources inside the firm say 50 people, including some managing directors, were quietly let go last week. It’s part of a gradual reduction in force that’s taking place all over the Street. But, and insiders stress this, it’s being done very quietly.

Meanwhile, pay rates for top Wall Street CEOs climbed 20% during 2011.

Global economy sinking

The world’s economy moved closer to the edge yesterday as North American stocks suffered another volatile session.

The Eurozone continues to stumble toward a crisis, China’s economy is slowing, and the recovery south of the border in the U.S. is losing momentum.

G7 Emergency talks today

Officials from the Group of Seven will hold a conference call today regarding the ongoing financial crisis in the Eurozone.

The discussion is scheduled for 11.30am GMT, and will no doubt result in renewed pressure on the Eurozone countries to both recapitalize weaker banks and increase their firewall to prevent contagion.

Market door closes on Spain

Spain may soon be unable to borrow in the bond market without help from its European partners.

“Spain doesn’t have the market door open,” said Treasury Minister Cristóbal Montoro on Onda Cero radio, Reuters reported. “The risk premium says that as a state, we have a problem in accessing markets, when we need to refinance our debt.”

Spain’s 10-year bond yield stands at about 6.3%, compared with Germany’s 1.2%. Its overall debt is not dangerously high, but the country’s banks suffered collapse of a real estate bubble, and the government has been unable to aid lenders.

Europe’s woes are reaching the U.S., as manufacturers there say goods sales are sliding in the 17-nation zone due to the prolonged recession.

Have a great day, The Editors