The Big Picture

Vincent Boland: Goldman Sachs is first of many forced to rein in lavish cost base

The titan of Wall Street leads investment banks’ move to cut spending as outlook for global financial industry worsens

When I worked on the team covering the City of London at the Financial Times more than two decades ago, we were invited to lunch at investment banks so often that we kept a league table of their dining rooms. It was a bit of fun to play the bankers’ own game. Investment banks are obsessed with league tables and with being at the top of them, no matter the factor being measured.

The food ...