2017 U.S.-Booked Air Volume: $80 million
Principal Air Suppliers: American,
British Airways, Cathay Pacific & Delta
Principal Hotel Suppliers: Hilton,
Hyatt & Marriott
Principal Car Rental Suppliers:
Avis, Hertz & National
Principal Online Booking Tool:
GetThere
Principal Payment Supplier: American
Express
Principal Expense Supplier:
Proprietary tool
Consolidated Global TMC: Amex GBT
Goldman Sachs increased its spending on airline tickets at
the U.S. point of sale by about $6 million in 2017, particularly for client-facing
travel as the company aims for $5 billion in incremental growth by 2020. At the
same time, however, the company offset the increasing expenditures by
controlling nonclient-related travel. Goldman expects air spend to continue to
increase, but it also instituted several mechanisms for managing internal
travel last year, including centralized pretrip approval and reporting and
budget tracking tools.
The company invested significant effort in renegotiating
multiyear contracts for travel agency, corporate card and commercial services
globally and refreshed its hotel program. To aid commuting to its large
corporate campus in Bengaluru, India, the company made live an online booking
and inventory management solution for ground transportation.
Goldman has been working on final contract terms with
American Express Global Business Travel for mobile travel services and tested
the agency's Hotel Re-Shop solution. This year, the company plans to try Amex
GBT's Air Re-Shop Expert solution and to continues to assess other mid- and
back-office tools to drive commercial savings. The firm also is ensuring it has
options, considering Brexit's potential impact on mobility, commuting and
relocation.