27 Sep '11, 11pm

NEW YORK - Goldman Sachs, bracing for what could be one of its worst quarters since it went public 12 years... #seo

NEW YORK - Goldman Sachs, bracing for what could be one of its worst quarters since it went public 12 years ago, is preparing to expand its cost-cutting initiative by hundreds of millions of dollars, a move that could lead to additional job losses at the Wall Street bank. This summer, Goldman said that it would wring out US$1.2 billion (S$1.53 billion) in costs from its operations by mid-2012 and cut roughly 1,000 jobs, about 3 per cent of its work force. But as the market turmoil has weighed on trading and other businesses in recent weeks, senior executives have been debating even deeper reductions, according to people briefed on the matter who were not authorised to speak publicly. With the company's third quarter closing on Friday, Goldman has been revising its plans, potentially raising the cuts by as much as US$250 million, to US$1.45 billion. Based on its 2010 spendi...

Full article: http://www.todayonline.com/Business/EDC110928-0000653/Gol...

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Trader sparks outrage for saying world leaders can't prevent market collapse, and that Goldman Sachs rules the world

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