2016 U.S.-Booked Air Volume: $74 million
2016 Global Air Volume: $212 million
2016 U.S. T&E: $127 million
2016 Global T&E: $360 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 Card Supplier: American Express
Principal Expense Supplier: Proprietary tool
Consolidated Global TMC: Amex GBT
While the finance company made no changes in suppliers,
policies or use of technology in 2016, it managed to reduce its
U.S.-point-of-sale air spend by $16 million from the $90 million it spent in
2015. It also cut its U.S. T&E in half purely through demand management.
With net revenue declining by nearly $4 billion in 2015 and 2016 to $30.6
billion in 2016, senior management focused on internal cost reductions, and
employees responded by becoming more circumspect on spending, particularly for
non-client interactions. The travel team helped drive this by reviewing every
non-client travel request in the past year. In 2016 and 2017, it also
instituted airfare caps on 19 routes and hotel rate limits in London and Hong
Kong.
In 2016, Goldman Sachs worked on business continuity
planning, crisis management resilience and management information capabilities.
It also continued optimizing contract usage through point-of-sale initiatives
and back-office automation. The company used offsets to support its pledge to
be carbon neutral from 2015 onward. Goldman uses an individual bill, central
pay card program.
Goldman is renegotiating its card contracts with American
Express and its travel management company contract with American Express Global
Business Travel, all of which expire at the end of 2017. The company
implemented Amex GBT Hotel Re-Shop earlier this year and now is piloting the
Air Re-Shop Expert tool, both of which are powered by Yapta and rebook cheaper
rates. The company is considering changes in ferry service and car rental and
other ground transportation services.