Goldman Said To Plan Paring Office Space To Cut Costs

Sunset in Tokyo, Japan

Goldman Sachs is in talks with its Tokyo landlord to cut office space as it seeks to reduce expenses, said two people with knowledge of the matter.

Bloomberg reports that the Wall Street firm, which rents six floors of the Mori Tower in the Roppongi Hills office complex, is in discussions with Mori Building Co. to vacate two levels, the people said, asking not to be named as the talks are private.

Goldman Sachs joins investment banks including Nomura Holdings Inc. (8604) in reducing costs in Japan after companies shunned the stock market for fundraising amid a recession. The plan to trim office space comes even as rents in Tokyo decline to a record low.

The U.S. bank plans to leave the 43rd and 44th floors, which house its asset management unit and sports facilities, and remain in the 45th to 48th, the people said. It will transfer staff to other floors of the 54-story building, one of the people said.

'This is part of a planning process to optimize our space', Goldman Sachs said in a statement e-mailed to Bloomberg News, declining to comment further.

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Goldman Said to Plan Paring Tokyo Office Space to Cut Costs

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