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.
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