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Goldman Prepares Drastic New Cuts Ahead of Rumored Quarterly Loss

Gus Lubin, Business Insider
Goldman Sachs Chairman and CEO Lloyd Blankfein
Getty Images

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

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