Goldman plots second round of job cuts - Bloomberg

• Goldman Sachs (GS +0.5%) plans to cut no more than ~400 jobs, the second time in three months it's trimmed staff, as pressures to focus on efficiency take precedence over the bank's moratorium on firings during the pandemic, Bloomberg reports, citing people familiar with the matter.
• And executives expect to increase job cuts in the coming year, which could result in the most significant staff cuts as Goldman looks to make good on its vow to rein in costs.
• In January, Goldman set a target to eliminate more than $1B in expenses. But when the pandemic hit, the Wall Street banks put a hold on job cuts. That seems to have melted as the pandemic continues to draw out longer than many expected.
• A spokeswoman reiterated to Bloomberg a statement the bank made in September. "At the outbreak of the pandemic, the firm announced that it would suspend any job reductions. The firm has made a decision to move forward with a modest number of layoffs."
• Previously: Latest jobs cuts... Goldman ends Covid moratorium (Oct. 1)