Goldman Sachs, like other financial institutions, has been struggling this year with the soaring mortgage defaults and the seize-up of the credit markets. (See video discussion of banking bonuses, left.) Goldman and Morgan Stanley were the only major U.S. investment banks left standing after the buyout of Bear Stearns by JPMorgan Chase, the bankruptcy of Lehman Brothers Holdings and Merrill Lynch's sale to Bank of America. Shortly after Lehman's collapse, Goldman and Morgan Stanley became bank holding companies — a move that subjects them to more oversight from the Federal Reserve, but that also gives them permanent and wider access to the central bank's lending programs. Goldman's shares closed Friday at $66.73, down $3.26, and are down 69 percent since the start of the year. The firm is in the midst of cutting about 3,200 employees, or about 10 percent, of its staff worldwide.