Wall Street banks, including Goldman Sachs, JPMorgan Chase, and Citigroup, have begun to cut back on capital spending as the economy slows.
According to a Bloomberg report, Goldman Sachs slashed its capital spending by more than $1 billion in September to $15.5 billion, and JPMorgan Chase cut $3.6 billion in capital spending to $10.6 million in September.
This means that Goldman Sachs and JPMorgan have reduced their capital spending in the last four months by $2.3 billion and $1.4 billion, respectively.
Goldman Sachs is also cutting its full-year guidance for full-time employees by up to 11% as it continues to struggle with low revenue growth.
The news comes on the heels of the company cutting its revenue forecasts for 2018 by about 4% from the previous year.
Meanwhile, Citigroup cut its revenue estimates for 2018 down by another 2% from last year.
The company said it is continuing to cut spending, and has reduced capital spending for fiscal 2019 by $5.3 trillion.
Wall Street analysts are increasingly worried about the economy’s prospects, as the Dow Jones Industrial Average dropped more than 700 points in September, with the S&P 500 falling by roughly the same amount.
The Dow Jones dropped 785 points, while the S.&.
P. 500 fell 695 points, the most in nearly three years.
This is the most severe decline since March 2009, when the Dow was down more than 3,400 points.
Meanwhile the stock market has dropped more in the past month than at any time since May 2017, as investors have begun buying bonds and stocks.
In a CNBC interview with Ben Casselman on October 13, Goldman CEO Lloyd Blankfein said that he expects the economy to rebound in 2019.
He said the Dow and S.P.-500 are down by about 5% and 10%, respectively.
In the same interview, Blankfeis also said that the S-&, +0.14% index is up about 10%.
But that’s only because Wall Street has become more optimistic about the economic recovery.
As the Dow has fallen, so has the stock markets.
On October 17, Goldman reported that it expects to earn $1,639.1 million on revenue of $17.5 trillion in 2019, down from $17,838.6 in 2018.
But that doesn’t account for a 2% drop in net income and a 2.3% increase in dividends.
Goldman has said that it’s forecasting net income of $7.5-8.5b, up from $6.6b in 2018, and a 6.7% increase from the $6-7.2b in revenue that it had in 2019 in its most recent quarterly earnings report.
The firm said in its September earnings report that the company’s quarterly revenue for 2019 is projected to be between $7-8 billion.
And Goldman said that its profit margin for 2019 was 50.4%, up from 48.2% in 2018 and a 4.3 percentage point drop from the 48.3 percent it had a year ago.
Goldman also has cut its forecast for net income growth to 7.6% from 7.7%, and it has said it expects gross margin to be in the 40% range.
These cuts come on top of the fact that Goldman is cutting its earnings projections by $1-1.2 billion in 2019 and $5-5.2bn in 2020.
Goldman and JPMorgan are also taking other steps to make sure the companies revenue doesn’t suffer as the stock price drops.
Goldman is reducing the number of trades that it makes each quarter, a move that it says will lower trading costs for the banks.
The Wall Street Journal reported on October 15 that Goldman, JPMorgan, and Morgan Stanley are planning to cut $100 billion in their total assets over the next three years, including $10 billion in assets in the United States.
The changes come as Goldman has begun to close out its $2 trillion investment in the private equity firm Kleiner Perkins Caufield & Byers.
The bank is also reducing the size of its investments in hedge funds and other financial firms.
On the heels, Goldman is lowering its guidance for fiscal 2020, down by 5% from its previous forecast of $19.4 trillion.
It has also cut its guidance in 2021 for capital expenditures by about $4.5trillion, which is about 5.7%.
The bank said it will cut about $1 trillion in its total spending in fiscal 2021.
Goldman will cut its capital expenditures for 2021 by about 1% from 2020, while its total capital expenditures will be cut by $3 billion, which comes out to about 1.2%.
Goldman will also cut about 2% in its expected 2017 capital expenditures, which are $3-4 trillion in the bank’s annual report.
In addition, Goldman will reduce its guidance on capital expenditures in 2020 from the same forecast it gave in