NEW YORK ( TheStreet) -- Goldman Sachs ( GS) is preparing to expand cost-cutting by hundreds of millions of dollars, a move that could lead to additional job cuts, The New York Times reported.

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

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