goldman eyes cost cuts
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Chief Lloyd Blankfein:

Goldman eyes cost cuts

Egypt Today, egypt today

Egypt Today, egypt today Goldman eyes cost cuts

Goldman Sachs chief executive Lloyd Blankfein
New York - Arab Today

US banking giant Goldman Sachs is weighing cost cuts to deal with a slowing global economy, its chief executive Lloyd Blankfein said Tuesday.

A person with knowledge of the situation said Goldman intends to slash at least five percent of its total workforce this year.

Speaking a day after Goldman shares plunged 4.6 percent amid rising market worries over credit quality in banks, Blankfein said that the bank can "absolutely do a lot more on the cost side if we have to."

"We take a particular and energetic look at continued cost cuts when revenues are stalled.... Necessity is the mother of invention," he said at a Credit Suisse financial services forum in Miami.

Despite reducing staff among its traders and bankers, Goldman has been forced to boost its workforce to deal with new regulatory requirements. The number of those employees rose 11 percent from 2012 to 36,800 by the end of 2015, the bank said.

According to the informed source, Goldman's job axe will fall most sharply in its fixed-income products, such as bonds, currencies and commodities activities, where 10 percent of the staff will lose their jobs.

Big banks have been under pressure to rein in budgets as the economic slowdown heightens worries about deteriorating credit quality, particularly as energy companies grapple with the sharp decline in oil and gas prices.

Bank stocks have sunk in recent weeks, with Goldman shares almost 18 percent lower since the start of the year.
Source :AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

goldman eyes cost cuts goldman eyes cost cuts



GMT 06:29 2011 Monday ,14 November

Matthew cruises to win at Ochoa Invitational

GMT 03:34 2017 Wednesday ,22 March

Tillerson to skip NATO meeting next month

GMT 13:44 2013 Friday ,15 March

Israel suppress Palestinian demonstrations

GMT 16:15 2017 Monday ,01 May

Moroccan Workers’ Syndicate

GMT 11:56 2016 Wednesday ,12 October

Toyota, Suzuki eye partnership as industry consolidates

GMT 15:42 2011 Thursday ,23 June

Express checks in with foursquare

GMT 10:49 2017 Sunday ,13 August

Car rams into crowd at violent Virginia rally

GMT 17:45 2013 Sunday ,20 October

5 Indian spices that are good for your health

GMT 08:41 2012 Saturday ,15 September

Italian magazine: will print Kate topless snaps

GMT 08:02 2012 Tuesday ,05 June

Zoe Saldana in Prabal Gurung
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday