It seems spending cuts is not just a “hot” topic among presidential hopefuls…
Although hard to believe (coming from a ‘big bank’), Goldman Sachs says NO to spending!
The firm is pulling in the reins on its asset management division, which has been struggling for some time.
It is telling employees to cut spending, including banning travel unless absolutely necessary – to meet with clients or win new business.
“About 2000 employees must cut expenses as some of Goldman Sachs’ largest funds are experiencing outflows and poor performance,” reported CNBC.
GS has seen about $12 billion in outflows for a year and a half – 18 straight months. CNBC added that the firm’s mutual fund business is down 2.5% this year.
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