Goldman Said to Seek Deep Cost Cuts

The transcript discusses significant cost-cutting measures in the banking sector, comparing current actions to those in 2011. It highlights recent dismissals, spending restrictions, and strategies by CEOs like Lloyd Blankfein to navigate market challenges. Financial projections for Goldman Sachs and Morgan Stanley are examined, with expectations of reduced operating expenses but significant revenue drops. The transcript also covers Bank of America's cost-cutting efforts and financial performance, noting further job cuts may be necessary.

What significant actions did the bank take in response to the bond trading slump?

How much are Goldman and Morgan Stanley expecting their operating expenses to drop?

What was the percentage drop in revenue that analysts are expecting?

What did Bank of America report regarding their expenses?

What did CEO Brian Monahan indicate about future job cuts?