Skip to content
Subscriber Only

Goldman Sachs to Cut $500 Million in Costs on Profit Drop

Goldman Sachs Group Inc. plans to cut $500 million of expenses this year, mostly from compensation, after reporting the lowest first-half revenue and earnings in seven years.

“We’re controlling the levers that we can, which are expenses and capital,” Chief Financial Officer David A. Viniar, 56, said today on a conference call with analysts. “We obviously don’t want to go too far on either one because we think that the world will get better.”