Goldman details cost savings plan after 'challenging' quarter

Goldman Sachs Group Inc reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure. In response to a "challenging backdrop" for revenue, the Wall Street bank embarked on a cost-cutting plan in the first half of the year that will save $700 million a year, Chief Financial Officer Harvey Schwartz said on a conference call. The Wall Street bank's prof