Goldman Sachs plans second round of job cuts after pandemic-led pause: Report

Goldman Sachs plans second round of job cuts after pandemic-led pause: Report

FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney
FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo

NEW YORK: Goldman Sachs Group is preparing for the second round of job cuts in just three months, Bloomberg News reported on Tuesday (Nov 17), citing people familiar with the matter.

The bank had announced "a modest number of layoffs" in September after pausing job cuts earlier this year due to the COVID-19 pandemic.

The report said the latest round of job cuts is not expected to exceed the roughly 400 positions the bank began eliminating in September.

However, Goldman executives expect to go deeper in the coming year, which could eventually lead to one of the most significant staff reductions at the bank, according to the report.

In an email to Reuters, Goldman reiterated its statement from earlier this year, saying it "has made a decision to move forward with a modest number of layoffs".

Source: Reuters

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