Summary Box: Goldman cuts workers, revenue falls

AP News
Posted: Apr 17, 2012 12:07 PM
Summary Box: Goldman cuts workers, revenue falls

REVENUE TROUBLES: Goldman Sachs' revenue dropped 16 percent in the first quarter compared to a year ago. The bank brought in less from underwriting stock and bond sales and from trading for clients.

COST CUTTING: To make up for the revenue declines, Goldman has been cutting expenses. It shed 3,000 employees, or about 8 percent of its workforce, over the year, and cut total expenses by 14 percent.

THE NEW RULES: Like other banks, Goldman has to figure out how to navigate strict new government rules that will crimp some of its important revenue streams, like trading for its own profit. The bank said Tuesday that it's waiting for the rules to be finalized before completely assessing their potential effect.