Goldman to pare Tokyo office space

Bloomberg

Goldman Sachs Group Inc. is in talks with its Tokyo landlord to cut office space as it seeks to reduce expenses, two sources said.

The Wall Street firm, which rents six floors of the Mori Tower in the Roppongi Hills office complex, is in discussions withMori Building Co., the building’s owner, to vacate two floors, the sources said, asking not to be named as the talks are private.

Goldman Sachs joins banks including Citigroup Inc. and Nomura Holdings Inc. in reducing costs in Japan amid a recession in the world’s third-largest economy. The New York-based firm pared the roster at its Japanese brokerage unit by 14 percent last fiscal year as it moved staff to Singapore.

The U.S. bank plans to vacate the 43rd and 44th floors, which house its asset management unit and sports facilities, and remain on the 45th to 48th floors, the sources said. It will transfer staff to other floors of the 54-story building, one of them added.