u/pryme:

I don’t have a lot of experience with image compression (never really needed it) and the only way I know to compress images is dragging a slider down in photoshop when saving as a jpeg. Does anyone have any tips on what I can do?

Do you have Fireworks? Fireworks produces smaller PNGs than Photoshop:

http://webdesignerwall.com/general/fireworks-vs-photoshop-compression

However, I get the feeling you’re not going to achieve the level of compression needed to downsize from 130KB to 50KB, your banner is probably a photo, right? You might need to save as JPEG.

Otherwise, it would be helpful if you could upload it to imgur so we can take a look at what can be done.

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