It is widely known that Wall Street firms have been cutting jobs since the financial crisis. Recently, Goldman Sachs began laying off upper middle-tier personnel, such as managing directors. Managing directors are compensated at levels below “partnership managing directors” at Goldman (the equivalent of “senior managing directors” at other firms), but above the junior vice president and associate level. John Carney of CNBC considers these job cuts to be a new kind of deleveraging that will occur at every Wall Street firm (“Wall Street’s (Other) Great Deleveraging,” CNBC.com).