The bank said over the summer it would cut $1.2 billion in costs by mid-2012 and trim about 1,000 jobs, or 3% of its work force. But senior executives have been debating deeper job reductions as market turmoil has weighed on trading and other businesses in recent weeks, the Times reported, citing people briefed on the matter.
Goldman has been revising its plans, potentially raising the cuts by as much as $250 million, to $1.45 billion. Based on its 2010 spending, the reductions would amount to 5% of the firm's expenses, the Times said.
Along with more layoffs, the firm is expected to reduce employee pay and is sharpening its focus on non-compensation expenses, like real estate and travel, said an executive with knowledge of the discussions, the newspaper reported.-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV