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In what may be a warning sign for the corporate travel industry, Goldman Sachs' employees have been told to cut their travel budgets according to Fortune.com.
The global investment bank has asked its employees to cut back on travel - including travel within the U.S. Basically, unless travel involves meeting a client or getting new business, Goldman Sachs employees are going to have a tough time getting their expenses approved.
The New York-based bank has seen earnings dwindle due to low oil prices, poor results at its asset management unit and other things. While this may be disappointing news to its clients, it also begs the question: will other companies face similar problems and also opt to cut corportate travel budgets due to performance concerns?
There's no way to know for certain but until there is an improvement, Goldman Sachs remains committed to cutting costs to staffing, entertainment, travel and more to improve its bottom line.
"Prudent cost management is important but we remain committed to serving our clients through active management and we believe we can grow the business over time by focusing on long-term performance just as we have done in other areas," Goldman Sachs said in a statement to Fortune.
For further insight into Goldman Sachs' travel cost-cutting measures visit Fortune.com.
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