Goldman Sachs: Cutting Costs to Address Weakness, Stock Up 3.75%
Goldman Sachs (NYSE:GS) is getting ready to increase its cost-cutting initiative even after $1.2 billion in cost cuts this past summer. It is probable that these cuts will cause even more job losses. Possibly somewhere around 1,000 jobs lost.
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Year-end benefits and bonuses are the area of concern as this may be one of Goldman Sachs’ (NYSE:GS) worst quarters. They are expected to reduce pay along with noncompensation expenses, like real estate and travel.
According to DealBook, “The executive warned that no final decision had been made on size of the cuts, and that the numbers could change quickly if the market improved or weakened.”
Goldman Sachs’ (NYSE:GS) stock is up 4.6% to $103.70 on the news. Shares are down 38.33% year to date. The stock has traded in a 52-week range between $91.40 and $175.34.
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