Bloomberg News

Goldman Sachs Targets $500 Million More in Cost Cuts This Year

July 17, 2012

Goldman Sachs Group Inc. (GS:US), the fifth- biggest U.S. bank by assets, said it’s targeting an additional $500 million in expense reductions this year.

The cuts will come in addition to $1.4 billion already implemented in 2011, Chief Financial Officer David Viniar said today on a conference call with analysts after the New York- based company released second-quarter earnings.

Most of the cuts will come from compensation expenses, Viniar said.

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $193.28 USD
    • 1.67
    • 0.86%
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