Goldman Sachs to take more painful cost-cutting measures, Reuters says

Goldman Sachs’ managing directors received an ominous message in meetings this month that they need to take even harsher steps to reduce costs, Reuters’ Saeed Azhar, Lananh Nguyen, and Tatiana Bautzer report, citing four sources familiar with the situation. The cost-cutting on the agenda for meetings of the bank’s top executives is another sign that the company’s ongoing push to cut $1B in costs is now accelerating as managers target smaller and smaller line items and consider more layoffs, the authors note.