Goldman Sachs and other U.S. banks are looking at ways to slash expenses further this year as market turmoil, declining oil prices and concerns about Deutsche Bank have sent the sector's shares down sharply.
'We can absolutely do a lot more on the cost side if we have to, especially now, when you have to deliver a return', Goldman CEO Lloyd Blankfein said on Tuesday at the Credit Suisse financial services forum in Miami.
'We take a particular and energetic look at continued cost cuts when revenues are stalled', he said. '.. Necessity is the mother of invention'.
Reuters reports that U.S. Bancorp Chief Financial Officer Kathy Rogers echoed Blankfein's comments at a separate panel, saying her bank would keep cutting costs this year. She cited a smaller chance that interest rates would rise, which would have indicated a stronger economy and more revenue for the bank.
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