Goldman Sachs, still perched comfortably above the tsunami of write-downs that roil its bulge-bracket rivals, is nonetheless cutting costs in its own subdued way.
Slashing perks plus a modest headcount reduction helped Goldman beat estimates for its May quarter, the New York Post reports. "Junior and mid-tier executives now fly coach instead of business class on flights shorter than four or five hours," the paper says, citing unnamed sources. It also indicates that the bank is covering dinner only for staffers who work past 7:30 p.m., rather than 5:30 p.m. previously. "Executives are also encouraged to share car services home," according to the Post.
Goldman has pared about 1 percent from its work force of 31,500 over the past several months. The Post says further cuts might be in the offing in soft areas like mergers and acquisitions and leveraged loans.