Goldman Says It Identified Commodities as a Cost Cut ‘Opportunity’
- Bank already cut some headcount in the division this year
- Commodity revenue has been rising since a slump in 2017
Photographer: Victor J. Blue/Bloomberg
This article is for subscribers only.
Goldman Sachs Group Inc. said it identified “opportunities to cut expenses” in the commodities division, some of the first public comments from the bank on how it’s reshaping a business that was once the envy of Wall Street.
The commodities unit, for decades the leading franchise among banks in the sector, has been under scrutiny from investors and analysts since a dire performance in 2017 that the bank said was the worst in its history as a public company.