GO
Loading...

Goldman Prepares Drastic New Cuts Ahead of Rumored Quarterly Loss

Goldman Sachs Chairman and CEO Lloyd Blankfein
Getty Images
Goldman Sachs Chairman and CEO Lloyd Blankfein

Goldman is looking at adding another $250 million to drastic spending cuts announced earlier this summer, bringing the total to $1.45 billion, according to DealBook.

Cuts were already expected to involve 1,000 layoffs—which now may be closer to 1,200.

The bank also may cut back on bonuses and noncompensation expenses like travel and real estate.

Last week Barclays predicted that Goldman would report its second quarterly loss in history. We'll know for sure on October 18.

This story originally appeared on Business Insider

Read more from Business Insider:

French Banks Are Up HUGE After That Bailout Rumor Yesterday

If You're Outraged By Greece Now, Wait Till You Read Michael Lewis' New Book

CEO's Sudden Departure Suggests A Worrying Level Of Disorder, Says Analyst

UBS Investment Bankers Might Face A Difficult Challenge Having UBS On Their Resume

Questions? Comments? Email us atNetNet@cnbc.com

Follow NetNet on Twitter @ twitter.com/CNBCnetnet

Facebook us @ www.facebook.com/NetNetCNBC

Symbol
Price
 
Change
%Change
BARC
---
GS
---

Featured

NetNet TV

Wall Street