Goldman Sachs is cutting an additional $500m in expenses by the end of this year as the uncertain macroeconomic environment has led to lower client activity across all its businesses, David Viniar, the chief financial officer, said this morning.

David Viniar, chief financial officer, said in a conference call this morning that last year the bank had committed to $1.2bn in expense cuts and had achieved $1.4bn but needed to reduce expenses by an additional $500m by the end of this year.