Gillian Tan, Columnist

Goldman Exodus Isn't Just About Trump

Staff cuts at the bank and Citigroup are helping to keep costs down.

January 18, 2017 at 7:08 PM UTC

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

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Goldman Sachs Group Inc. slimmed down in 2016 -- and not just because the Trump administration was recruiting.

The New York-based bank reported fourth-quarter earnings on Wednesday that beat Wall Street expectations, helped in part by cost-saving measures that included lowering headcount by 500 positions. The decline brought reductions for the year to 2,400, or 7 percent of staff -- more than its peers.