Goldman Sachs Eyes Further Job Cuts Amid Billion-Dollar Cost Reduction Strategy

Goldman Sachs Group, Inc. GS is contemplating more job cuts as a part of the firm's ongoing push to reduce costs by $1 billion.

Previously, employees at Goldman Sachs were allowed to book a business trip to see just one client, expensing on "pricey meals." However, senior managers are now asked to reduce expenditures and see multiple clients in one travel as a part of the bank's belt-tightening agenda, Reuters reported citing anonymous sources.

The company will terminate more employees forward if revenues don't grow alongside the aggressive cost-cutting measures.

Also Read: Goldman Sachs Gears Up For Yet Another Round Of Headcount Reduction: Report

Goldman Sachs' CEO David Solomon recently acknowledged that the U.S. economy has improved better than he predicted, but he doesn't believe we are out of the woods yet. The economy is still in an uncertain period, the CEO said.

Managing directors will also be given budget reduction goals and held responsible for delivering them, mentioned the report.

Also Read: Citigroup's $400M Q2 Expense Spike: Result of Job Cuts and Reduced Trading Activity, Says CEO

Earlier, Goldman Sachs let go of 3,700 employees since September last year.

Price Action: GS shares are trading lower by 0.16% to $337.89 in the premarket session on the last check Thursday.

Photo via Wikimedia Commons

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