Goldman Sachs has told staff at its asset management division GSAM to tighten their belts, amid outflows and poor performance from some of its largest funds.
Executives have issued an edict that GSAM’s 2,000 employees must curtail spending, including a ban on all travel that is not associated with meeting clients and winning new business.
GSAM’s flagship bond fund is languishing in the bottom one-fifth of its class on a one- and three-year view of its performance, and investors have pulled money for 15 consecutive months from GSAM’s US mutual funds, according to Morningstar data.
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